New figures from the Office for National Statistics (ONS) reveal the growing financial burden of private renters and homeowners in Mendip due to inflation and escalating interest rates over the past year.

According to the data, an estimated 12% of private renters have seen their monthly payments increase, with the average rent rising from £782 before 2023 to £843 last year.

For these renters, the heightened rental costs now account for 28% of their household disposable income.

The analysis indicates that homeowners are not spared, with 14% remortgaging in 2023. The average monthly mortgage repayments rose by £166, from £768 to £933, which now takes up 31% of their household disposable income.

Amid these financial strains, Simon Trevethick from StepChange, a charity and debt advice service, emphasised the broader impact of these cost increases.

He said: "Repeated interest rate rises have pushed mortgage payments up for hundreds of thousands of people and rents have risen to record levels both inside and outside of major cities, as private renters especially feel the pinch."

Trevethick urged government action to support those grappling with higher housing costs: "We want to see the Government supporting households facing increased costs. We have long called for an end to section 21 no fault evictions, as well as a tenancy support scheme ahead of evictions as a last resort." He also expressed concern about the upcoming end of the Mortgage Charter, which helped people with sudden increases in mortgage costs, saying, "The Government should reassess removing help for mortgage borrowers to ensure there isn't a cliff edge for those coming off their fixed term deals later in the year."

The ONS has provided each area with an "exposure score" based on the proportion of households affected and the impact on their disposable income, with Mendip scoring a medium level of exposure.

In response, a Government spokesperson highlighted legislative efforts to provide stability and support to tenants.

The spokesperson said: "Our landmark Renters Reform Bill is progressing through Parliament and will give tenants more security in their homes."

They added a new Private Rented Sector Landlord Ombudsman will be introduced so private tenants can escalate complaints if they are unhappy with the service they receive from their landlord.

"We recognise the cost-of-living pressures tenants are facing, which is why we are providing a £108 billion cost of living support package over 2022-2025 – worth an average £3,800 per household."