Homebuyers are calling for action from the government to tackle the competitive and stressful nature of the UK property market, new research Market Financial Solutions has revealed.
The London-based specialist lender commissioned an independent survey among 412 UK adults who have bought a property in the UK in the past year or are currently buying one. It found that 63% of respondents feel that the UK’s property market is too competitive – this figure rose to 70% among 18-24-year-olds, but dropped to 43% among those aged 35-44.
Two third (66%) of those surveyed said that the process of buying a property in the UK is too slow and complicated, while a similar number (65%) believe obtaining finance (i.e. a mortgage) to purchase a property is too stressful.
MFS’s research also found that 59% of people feel that there is a shortage of the type of property that they would ideally like to own.
As parliament re-opens on 2 September, a significant majority (68%) of respondents believe that building more homes should be a top priority for the new Labour government.
Paresh Raja, CEO of Market Financial Solutions, said: “We have all come to expect fierce competition in the UK property market. But that does not lessen people’s frustration about the stress this brings – and what’s more, there is an opportunity with the first change of government in 14 years and the re-opening of parliament after the summer recess to tackle this issue.
“Our research demonstrates that there is a clear desire for action to make the homebuying process faster and less stressful. Building more homes is a key part of this, but in isolation, it is unlikely to correct the imbalance between supply and demand.
“Instead, it’s important that the public and private sectors come together to make the property market more equitable. New housing aside, 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 offering greater speed and assurance in delivering the finance people need to buy properties; doing so removes a great deal of stress from the process.”