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Cost of living crisis forces nearly one in three to consider moving to a cheaper area

Cost of living crisis forces nearly one in three to consider moving to a cheaper area
Christina Hoghton
Written By:
Christina Hoghton
Posted:
29/01/2024
Updated:
29/01/2024

Saving money by moving to a less expensive location is a tempting prospect, as many look at ways to cut their costs.

According to Pepper Money, nearly three in 10 (28 per cent) of people have considered a cheaper area in order to save money on housing costs.

The specialist lender said this was a result of the ongoing cost of living crisis.

The Pepper Money Specialist Lending Study also found that the ongoing squeeze on finances has led to 19 per cent of people considering downsizing to a smaller home.

In addition, over two-thirds (68 per cent) said that their disposable income has fallen in the last year as a result of the cost-of-living crisis. Nearly a third (31 per cent) admitted it had fallen significantly.

Rising costs

The study found that the biggest impact on household finances has been rises in the cost of food bills, cited by 92 per cent of people.

This was followed by energy bills (86 per cent) and travel costs (38 per cent).

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 they can cut their 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.”