Mortgage Crisis Hits Oxfordshire Hard
A staggering 41,955 households in Oxfordshire were forced to re-mortgage last year, according to new research conducted by the House of Commons Library. This alarming figure highlights the struggles many families are facing in the region.
Families in Oxfordshire are struggling to cope with rising mortgage payments.
The research, commissioned by the Liberal Democrats, reveals that households in Oxfordshire who re-mortgaged in 2023 amidst Liz Truss’s mini-budget fallout will need to make an additional £127.6 million in mortgage payments per year. This is a significant burden for families already struggling to make ends meet.
The worst affected area in Oxfordshire was Cherwell, where 16% of households re-mortgaged their home last year, resulting in an average additional hit of £237 every month.
Cherwell was the worst affected area in Oxfordshire, with 16% of households re-mortgaging their homes.
The 10,543 households who were forced to re-mortgage saw a collective additional hit of £30 million. This is a devastating blow to families who are already stretched to the limit.
“Spiralling mortgage rates have been pushing families’ already stretched budgets to the brink.” - Layla Moran, Parliamentary Candidate for Oxford West and Abingdon
In response to this crisis, Conservative candidate for West Oxfordshire and Abingdon Vinay Raniga said: “The last few years have not been easy. We have faced the legacy of COVID-19 and global instability with the war in Ukraine and the Middle East - these challenges have made life tough for people in Oxfordshire and across the UK.”
The mortgage crisis in Oxfordshire is a symptom of a wider problem affecting families across the UK.
The situation in Oxfordshire is a stark reminder of the need for urgent action to address the mortgage crisis. As the cost of living continues to rise, families are being pushed to the brink. It is imperative that policymakers take immediate action to address this crisis and provide relief to struggling families.
