Research by VoucherCodes.co.uk found rising costs have forced more 11% of potential buyers to push back their plans by a minimum of a year
Buyers are putting off property purchases by at least one year due to increasing living costs, research claims.
Research by savings websites VoucherCodes.co.uk found rising costs have forced more 11% of potential buyers to push back their plans by a minimum of a year.
Among those trying to get onto the property ladder, almost one third (29%) of prospective buyers said they cannot afford to buy a home.
Of this group, one in 10 have now completely scrapped plans to purchase a property due to the cost-of-living crisis.
Further findings from the Cost of Living Report reveal that 13% of consumers admit they are currently struggling to pay their rent or mortgage, which could increase further as mortgage rates continue to rise.
Regional disparities are present when it comes to the property crisis with residents in London most affected by the rising cost of living as one in five (20%) admit they are putting off buying a home by at least a year, in comparison to only 6% of people living in East Anglia.
Maureen McDonagh, managing director at VoucherCodes.co.uk, said: The VoucherCodes Cost-of-Living Report shows rising costs are not only having a negative impact on British consumers, but the effect is also being felt by the UK property market.
With mortgage rates continuing to rise, our research shows many consumers are finding it increasingly difficult to get on the property ladder. The situation is also being further exacerbated by low supply and high demand for both rental and mortgaged properties, pushing up property prices even further, she said.
She said: Many consumers are already having to adopt more extreme measures to afford a property. As interest rates continue to play havoc with mortgage lending, one in 20 (5%) are living for free with friends, family or partners to save up more of a deposit before looking to buy.