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Homebuyers say UK property market is ‘complicated’ and ‘stressful’ – MFS
Homebuyers in the UK have described the property market as competitive and stressful, research from a lender found.
A study carried out by Market Financial Solutions showed that among the 412 respondents who bought a property last year or are currently purchasing one, 63% felt the housing market was too competitive.
This feeling rose to 70% among 18-24-year-olds, and was 43% among those aged between 35 and 44.
Two-thirds of respondents said the process of buying a home in the UK was too slow and complicated, while 65% felt getting finance to purchase property was stressful.
According to the survey, 59% of respondents believed there were not enough homes they would ideally like to own.
The majority of respondents – 68% – said building more homes should be the government’s main priority.
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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 home buying 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.”
He added: “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.”