A recent survey undertaken by YouGov for MyHomeMove and HomeOwner Alliance reports that over a third of UK homeowners are concerned about a possible rise in interest rates.
The YouGov poll reports that 34 per cent of those homeowners across the UK who responded said a future interest rate rise worried them, with this figure rising to 47 per cent of homeowners in the East of the UK. In the 25-34 year old age bracket, the percentage of those concerned rose to 49.
Of those with interest only mortgages 64 per cent said they would struggle to afford loan and debt payments and the report suggests that this group of homeowners were likely to be the worst off financially.
Although a rate increase will be welcome news to savers it will put further pressure on those seeking to buy their own home in the UK, where high demand and very limited supply have forced prices up. Properties in the south east and London have been especially hard-hit by price rises.
Are you are one of our Home Insurance customers who have concerns on this subject? As usual tell us your comments.