Just over half (52%) of UK adults oppose a taxpayer-funded bailout for mortgage holders, with less than a quarter (21%) in favour according to new data from strategic insights and research agency Opinium.
Just 1 in 8 people (13%) think the Government will change its mind on a taxpayer bailout, rising to 21% among those aged 18-34. 9% of those who are struggling to pay their mortgage but aren’t worried expect that the government will offer a bailout.
UK adults are most in favour of the Government providing more support to renters, with close to half (47%) saying this. This compares to just over a third (36%) who want the Government to offer more support to mortgage holders and less than a fifth (19%) who want the same for outright homeowners.
Age breakdown
Those aged 18-34 are dramatically less likely to oppose a bailout (35%) than older generations, with over half (51%) of those aged 35-49 opposing a bailout and close to two thirds of those aged 50-64 (62%) and those aged 65+ (63%).
Political fault lines
Opposition to a taxpayer funded bailout is strongest amongst current Conservative voters (66%), with less than half (44%) of current Labour voters opposing a bailout.
But worry about mortgages does seem to be driving voters away from the Conservatives. Among those who voted for the party in 2019 and who now say they are currently struggling with their mortgage, or would if rates rise further, only around two in five (42%) say they would still vote Conservative.
Banking issues
Almost two thirds (62%) think banks need to be more responsible about who they lend to: current Conservative voters are most likely to be in favour of banks being more responsible (70%) than they currently are, compared to (61%) of current Labour voters.
Matthew Howlett, Senior Research Executive at Opinium, commented: “While many people feel they can still afford their mortgage payments now, and despite this month’s inflation figures hopefully signalling a slowdown in sharp interest rate rises, there’s clearly anxiety across the country about what will happen if rates continue to rise.
While many people feel they can still afford their mortgage payments now, there’s clearly anxiety across the country about what will happen if rates continue to rise.
“Currently, most people don’t want or expect a taxpayer-funded bailout, but certain demographics such as those aged 18-24 or renters are much more likely to feel they need support. More tailored support packages for people in specific situations may be a more popular option than a blanket bailout.”
