Homebuyers are demanding that the government tackle the competitive and stressful nature of the UK property market, according to new research from Market Financial Solutions.
The specialist lender has commissioned an independent survey of British adults who have bought a home in Britain in the past year or are currently buying a home.
It found that 63% of respondents believe the UK property market is too competitive; this figure rose to 70% among 18-24 year olds, but fell to 43% among 35-44 year olds.
Two-thirds (66%) of those surveyed said the process of buying a home in Britain is too slow and complicated, while a similar number (65%) believe that obtaining finance (a mortgage) to Buying a home is too stressful.
MFS’s survey of more than 400 homebuyers also found that 59% of people feel there is a shortage of the type of property they would ideally like to own.
Now that Parliament is open again, a significant majority (68%) of respondents believe building more homes should be a top priority for the new Labor government.
MFS chief executive Paresh Raja said: “We all expect fierce competition in the UK property market. But that doesn’t take away people’s frustration about the stress this brings.”
He added: “Our research shows there is a clear desire for action to make the homebuying process faster and less stressful. Building more homes is an important part of this, but in itself it is unlikely to correct the imbalance between supply and demand.
“Instead, it is important that the public and private sectors come together to make the real estate market more equitable. Beyond new construction, there are many ways to make the market less competitive – from renovating dilapidated buildings to converting unused commercial properties – that the specialist lending sector can help facilitate.
Lenders can also play a role in providing greater speed and certainty in providing the financing people need to purchase property; Doing this takes a lot of stress out of the process.”