The greatest blow revealed by the study, however, is that the worst is still to come. Five years ago, the average household was left with 28 percent of its gross income after paying its monthly taxes and expenses – but now, as a result of skyrocketing oil and food prices, that figure is estimated to be just 20 percent. Prices are continuing to rise, which means that the figure is predicted to fall even further, and cash-strapped consumers are bound to feel the pinch into the foreseeable future.

In 2003, homeowners paid roughly £735 less per instalment on a 25-year, variable rate mortgage than they’re paying today. Pair this with greatly increased petrol, utility and household costs, and the result is that thousands of consumers are not just struggling to keep up with their mortgage repayments – they’re far behind.