Only 21% of homeowners in the UK believe that the government is taking sufficient measures to address the country’s housing crisis, according to a recent study. The survey revealed widespread concerns about the lack of affordable housing, deemed one of the most pressing social issues by 69% of respondents. Only 28% of homeowners think the government has adequately supported mortgage holders during this time.
The past year has witnessed numerous changes in the post of housing minister, with only 20% of homeowners aware that Rachel Maclean MP has been serving in the role since February.
MANDATORY HOUSEBUILDING TARGETS
This period also saw the government abandon its mandatory housebuilding targets in December 2022. Consequently, 58% of homeowners believe the government prioritises property taxation and regulation over new home construction.
Despite concerns about the housing challenges in the next year due to high inflation and rising interest rates (a fear held by 31% of homeowners), over half (52%) still view property as a secure investment in the current climate.
TOP OF THE GOVERNMENT’S AGENDA
The housing crisis is a significant issue in the UK, and the research shows that there is a lack of confidence among homeowners and homebuyers that the government is addressing it. Leadership changes have brought about new priorities, which could be causing turbulence.
With rapidly rising interest rates, some homeowners feel left behind. Therefore, the study highlights that supporting mortgage holders and promoting housebuilding should be at the top of the government’s agenda.
On a positive note, homeowners see the property market as a safe investment. As prices rise again, it is crucial for lenders to offer flexible products to enable the market’s resurgence in the coming months.
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Source: Market Financial Solutions (MFS) survey of 1,323 UK homeowners 31/05/23.