Over 200,000 households in Wales struggling to meet mortgage and rental payments

MORE than 200,000 households across Wales are struggling to meet mortgage and rental payments, as the Tory mortgage bombshell continues to bite.

The new analysis by the Labour party uses ONS data showing how 43% of renting households and 28% of households paying a mortgage are finding it difficult to make ends meet.

In Wales, that means the crunch is facing 99,253 renting households, and 106,991 households paying a mortgage – a total of 206,244 families in Wales that are having to stretch themselves almost beyond the limit to pull payments together.

Labour also reveal new figures showing how by the end of 2023, more than 30,000 households in Wales are expected to be at risk of repossession as they struggle with higher payments.

These figures are a damning indictment of this Tory government’s failure to tackle economic shocks, record high inflation, and a painful cost of living crisis which is having devastating consequences.

With interest rates rising, Labour has set out mandatory plans to ease the hit from soaring mortgages.

But the party has also said that the only long term way to tackle the Tory mortgage bombshell is by injecting security back into the economy.

Shadow Secretary of State for Wales, Jo Stevens MP, said:

“While the Tory government in Westminster fail to face up to the impact of their mistakes, hundreds of thousands of families across Wales are grappling with the Tory mortgage bombshell.

“Labour will not stand on the sidelines and leave working people in Wales to face this crisis alone, with our mandatory mortgage package stopping households falling through the cracks for support.

“But we know we need a long term solution to the insecurity plaguing households.

“Labour’s plan will restore financial and economic security, so we can move forward into a better future.”