New research shows that renters are more vulnerable to economic shocks compared to homeowners, as renters typically spend a higher proportion of their budget on essential items that cannot be cut back, with 61% of the usual weekly budget spent on essentials, compared to 52% with homeowners, according to a new report from the Office of National Statistics (ONS). 

This is largely driven by housing costs, which account for 28% of budgets for renting households and 21% for homeowners that are benefiting from low interest rates.

According to a survey by the Resolution Foundation, renters are more likely than homeowners to have fallen behind with their housing payments during the lockdown and they are less likely to have received a payment holiday on their rent, compared to homeowners.