Homeowners are calling for greater Government support ahead of the upcoming Budget, according to a new study by Smoove.
Among the top requests from homeowners are extending the mortgage guarantee scheme (30%), increasing funding for first-time buyers (28%), and expanding financial support for affordable housing initiatives (28%).
The research also revealed that many homeowners are currently deterred from moving due to economic challenges, with the rising cost of living (32%), mortgage affordability (28%), and housing affordability (11%) cited as the primary concerns.
As a result, almost six in ten homeowners (58%) are unlikely to move or sell again within the next five years.
Despite these challenges, some UK households remain optimistic about the housing market.
Over a third of homeowners (39%) believe house price growth will increase in the next three months, rising to 43% of homeowners over the next six months and 51% of homeowners over the next twelve months, with an expected average increase of 4.4%.
However, the study also found that the average mortgage value has dropped from £221,047 to £174,867 over the past six months, and the number of home buying purchases falling through remains at 35% of transactions.
The average waiting time between instruction and completion when purchasing a home has also increased by 4% from 153 days to 159 days, equivalent to over five months.
Jesper With-Fogstrup, CEO of Smoove, said: “It is clear from our research that shifting circumstances have not deterred the positive attitude of homeowners looking ahead, many of whom retain an optimistic outlook in relation to future house price growth.
“Meanwhile, some lenders are beginning to tailor their mortgage product offerings to reflect the new market conditions.
“The economic picture, while complex, is also brightening, with inflation expected to continue in its downward trajectory this year, easing the strains on both buyers and sellers.”
