Rent and mortgage spending increased 8.2% year-on-year last month, reaching a 14-month high, according to the latest Barclays Property Insights report.

Despite increased costs, consumers have maintained confidence in their ability to afford housing payments, though stamp duty changes have hampered plans for some next-time buyers. Meanwhile, improving home energy efficiency remains a priority for the winter months ahead.

Concerns around rising interest rates dropped slightly to 59% in November, down from a high of 63% in June 2024, following the Bank of England’s decision to reduce the base rate to 4.75% earlier in the month.

When asked about their household expenses, four in 10 Brits (41%) reported being very concerned about rising household bills, with over half (56%) also somewhat worried about the impact of rising rent or mortgage costs.

Meanwhile, 41% of Brits are adjusting their spending habits to offset rising housing costs, with 29% saying they are looking for ways to save money on their rent or mortgage.

Energised by energy saving
Spending on utilities was down by 10.6% year-on-year in November, as prices remain below 2023 levels. However, this is the smallest decrease since July 2024, reflecting the energy price cap rise which came into effect on 1 October and the arrival of colder weather.