Half of UK households are concerned about their ability to afford higher gas and electricity prices, according to a new study by NatWest and S&P Global.

The research also found that 71% of homeowners who don’t plan to make sustainable home improvements in the next ten years cited the cost of the work as a barrier.

The survey revealed a continued decline in the number of homeowners intending to enhance the environmental sustainability of their properties.

However, many households are still taking small steps to save on energy costs, with 48% reporting that they have turned down their thermostats.

The study also highlighted a lack of awareness about changes to the Energy Price Guarantee, with less than one-third of respondents correctly identifying the upcoming modifications.

Lloyd Cochrane, Head of Mortgages at NatWest, expressed the need to support customers financially in order to encourage the adoption of energy-efficient products and services.