Over half of Brits would struggle financially if the cost of our weekly shop was to rise at the same rate as house prices according to a new study.
The research, carried out by Property Rescue, found that the 46% inflation rate on house prices since 2006 would mean that a third of the nation would require financial help just to go to the supermarket and get their everyday items.
The rise would see a weekly shop cost £207.37, with 25-34 year olds the most likely to require aid. It would see the cost of items such as steak rise rapidly, with 78% of people likely to exclude it from their diet due to cost, while 86% of people would refuse to pay the £10 it would cost for a packet of sausages.
The research also discovered that the effect of the inflation would not affect men and women equally. Over two thirds of women would struggle to pay for their shopping, 37% needing financial aid, while 58% of men would also feel the burn.
People in Northern Ireland would struggle the most, with half of the population requiring financial help, while Londoners would be most comfortable, with a quarter having no problem with the rise.
Interestingly, the staggering rise of house prices has been outpaced by the rise in the price of alcohol and sweet treats. In fact, you’d find a bottle of fortified wine for cheaper as well as enjoy a wee dram of whisky for 6p less.
The average price of a pint would also be cheaper, following the inflation hikes earlier this year, while fizzy drinks would cost less given the recent sugar tax rises.
Danny Nieberg at Property Rescue said, “It’s been well reported the cost of a mortgage or rent has made the cost of life difficult for people to manage but if everyday items were to follow suit, it would be disastrous for most of the population.”
“The cost of living continues to rise, and in many cases household goods and groceries are only a matter of pennies cheaper than if inflation was to rise at the same rate as houses have. It’s no wonder we’re seeing more people visiting food banks.”
You can view the full study at: https://www.propertyrescue.co.uk/useful-guides-articles/supermarket-steep-house-price-inflation-hike-weekly-shop/