Barclays urges customers who have a mortgage to 'take sensible steps'

James Rodger

11 April 2024 at 2:00 am·2-min read

New Barclays data reveals mortgage and rental payments stabilised in March. Barclays data released this week shows that Brits spent just 1.8 per cent more on their mortgage and rental payments in March compared to last year.

Consumer spending on mortgage and rental payments rose just 1.8 per cent in March, far below its peak of 12.2 per cent, recorded in June 2023. Barclays Property Insights combines transaction data from millions of Barclays current accounts with consumer research to provide an in-depth look at UK housing costs.

Mark Arnold, Head of Savings & Mortgages at Barclays UK, said: “Non-essential spending is still reeling from last year’s spike in housing costs, which caused both homeowners and renters to cut back while looking for additional sources of income – such as delaying renovations and renting out spare rooms.

“However, there are reasons to be optimistic – our data shows that housing costs are stabilising, the inflationary tide is easing, and interest rates are predicted to fall over the coming months, all of which should translate into increased consumer confidence and spending.”

“Moreover, homeowners are taking sensible steps to safeguard themselves from future energy price shocks – with upgrades such as installing a heat pump or solar panels to improve energy efficiency also becoming popular. We want help make those changes more affordable for customers, through schemes such as the Barclays Greener Home Reward, which gives a cash reward of up to £2,000 to UK residential mortgage customers who install a qualifying home energy efficiency improvement.”

One in six aren’t confident in their ability to meet monthly mortgage and rental payments, while nearly a fifth are cutting back to keep up with rising housing costs. And a tenth of homeowners are taking steps to retrofit their property to reduce energy bills and safeguard against future energy price shocks.

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