A recent study by the HomeOwners Alliance revealed as much. Sharing the results of its annual Homeowners Survey, the campaign group revealed the UK’s housing market is “broken at every level” with everyone from first-time buyers, second-steppers to downsizers struggling. It found that while 74% of non-homeowners want to own their home one day, affordability problems are preventing them from doing so. The main reasons cited for not being able to buy their first home include: property prices are too high (66%), difficulty saving for a deposit (58%) and difficulty getting a new mortgage (31%).
The survey found affordability is also the biggest barrier for second steppers, keen to move but unable to do so because of tightened mortgage criteria and sky-high house prices.
Yet, while it’s clear to all of us that we’re in the middle of a housing crisis, it doesn’t seem to be so clear to the political world. Yet again it seems housing has taken a back seat to other issues this week and we’re once again seeing changes in the governance of our industry.
Following David Davis’ decision to resign this week, Dominic Raab has been named the new Brexit Secretary. Now, no one is disputing the importance of the Brexit negotiations. However, Raab was previously Minister of State for Housing. The fact that we will be seeing yet more change in this post – with Raab himself only taking on the housing role six months ago – is concerning to say the least.
We need some continuity and consistency if we are to find our way out of the current problems facing the industry – and a commitment from the government to give the sector the attention it deserves.
