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Only fifth of homeowners say government satisfactorily addressing housing crisis

  • 31/05/2023
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Only fifth of homeowners say government satisfactorily addressing housing crisis
Around a fifth of UK homeowners feel that the government has taken sufficient action to address the housing crisis, with many pointing to a lack of affordable housing as an issue, a survey has found.

According to a survey from Market Financial Solutions, which collated views of 1,323, UK homeowners, around 69 per cent of those surveyed said that the lack of affordable housing is one of the most pressing social issues in the UK.

Nearly a third said that the government has not done enough to help those with mortgages as the Bank of England has increased the base rate 12 consecutive times to 4.5 per cent.

Only 20 per cent of homeowners surveyed were aware of who the housing minister currently is. There have been six different housing ministers in the past year or so, with Rachel Maclean currently holding the post.

Over half of homeowners said that the government should look at priorotising taxation and regulation rather than building new homes.

Around a third of homeowners said that high inflation and rising interest rates would lead to a property market crash in the next year. However, over half viewed property as a “safe investment”.

Paresh Raja, CEO of MFS, said: “The housing crisis is a major issue in the UK, and our research shows that there is a lack of confidence among homeowners and homebuyers that the government is addressing it. This is likely, in part, a reflection of the turbulence Westminster has experienced in the last year, with changes of leadership bringing about new priorities.

“With interest rates rising rapidly in the last 18 months, the study clearly highlights that some homeowners feel left behind, so supporting those with mortgages and encouraging more housebuilding ought be at the top of the government’s to-do list.”

He added: “In the meantime, it is encouraging that, despite some fears of a crash in the next 12 months, most homeowners continue to see the property market as a safe investment in the current climate. Indeed, as prices began to rise again last month, it is important for lenders to provide buyers with flexible products to enable the market to continue its resurgence in the months to come.”

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