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.
