A fifth of homeowners are considering moving somewhere cheaper due to the cost-of-living crisis.
In its latest Consumer Pulse survey, KPMG found 22% were considering selling to move to a cheaper home and 8% had already done so.
The survey, conducted in September and which polled 3,015 consumers across age and income groups and UK regions included 37% with a mortgage, 34% homeowners but mortgage free, 22% renters and 7% living with family.
Among the 1,096 mortgage holders, 18% have used savings to reduce their mortgage balance with a quarter who said they are considering this, with 16% having switched to interest only terms.
A quarter said they are considering lengthening their mortgage term, while 12% already have.
The findings come as average mortgage rates for a five-year fix fell below 6% for the first time in months.
Elsewhere, with various household essential costs remaining high, more than half of respondents (56%) said they had had to reduce non-essential spending since the beginning of the year. Only 4% said they had been able to increase such spending.
Consumers also said they were making further savings by changing their buying behaviour such as choosing own-brand or value range products and items which have been discounted.
Just over a quarter (27%) of those polled said they were using their savings to help meet household costs. Over two thirds (70%) said they weren’t.
In good news, a fifth of those questioned said they felt more financially secure than at the start of the year. However a third feel less secure.
Sheldon Bosley Knight director of residential sales James Morton said: “Mortgage rates are certainly higher than many have been used to, but we must not forget they are not abnormally high.
“For those who are juggling financially there is always a way, whether to switch to interest only, lengthen the term of the mortgage, reducing pension contributions or taking from savings.
“Looking to downsize or move to a cheaper area are also options although moving does not come without associated costs which would need to be factored in.
“We would always recommend speaking to a reputable financial advisor or mortgage broker before deciding on a course of action.
“Our agents are not only experts in selling your home, they also know the communities in which they live and work, inside and out so will be able to help and advise if you decide to move to a new area.
“As ever, pop into one of our branches or call us and we will be happy to help.”
