Research undertaken by Shelter has found that 37% of working families are only a months pay away from losing their home because they could not cover their housing costs for more than one month in the event of one partner losing their job.
Government figures also suggest that there are 16.5 million working adults in the UK with no savings.
An increase in housing and living costs has left millions of families in a position where they are unable to save money and are struggling to get by from one pay day to the next
Even if people are in a position to put away a little each month most savings accounts are paying virtually zero interest after the Bank of England cut the base rate to 0.25% last month
Research shows that losing a job and relationship breakdowns are the main reasons why people fall into arrears with their rent or mortgage
The Ministry of Justice has recently revealed that household evictions reached a record high in 2015 with those figures rising still in the first part of 2016.
If you are worried about losing your home due to rent or mortgage arrears Stephensons have a specialist housing team who can provide advice and assistance in relation to possession proceedings, homelessness and other housing related legal issues
If you require legal advice please contact our housing law team on 0175 321 6399.