Recent research by the Pepper Money Specialist Lending Study revealed that 28% of individuals have contemplated relocating to a different area to alleviate housing expenses amid the cost-of-living challenges.
Additionally, 19% of respondents have entertained the idea of downsizing due to the ongoing financial strain.
The study indicates that 68% of participants have experienced a reduction in their disposable income over the past year, attributing it to the cost-of-living crisis, with 31% reporting a significant decrease. The most significant financial impacts on households have been observed in the form of escalating food bills (92%), followed by increased energy bills (86%) and higher travel costs (38%).
Paul Adams, Sales Director at Pepper Money, said: “Faced with such a significant ongoing squeeze on their finances, millions of households are looking for ways to cut costs.
“Our study found the desire to do this is so significant for such a large proportion of people that 28% of all respondents say they have considered moving out of their area to somewhere cheaper, whilst 19% have thought about downsizing to reduce their housing costs.
“Whether customers are looking to move, downsize, or reduce their borrowing costs, brokers have a huge opportunity to help their customers to best manage the current economic environment and continue working towards the goals they want to achieve in their lives.”
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