Homebuyers are calling for action from the Government to tackle the competitive and stressful nature of the property market, Market Financial Solutions (MFS) research has revealed.
The London-based specialist lender commissioned an independent survey among 412 adults who have bought a property in the UK in the past year or are currently in the process of buying.
63% of respondents felt that the property market was too competitive – this figure rose to 70% among 18 to 24-year-olds, but dropped to 43% among those aged 35 to 44.
Two-thirds (66%) of those surveyed said that the process of buying a property was too slow and complicated, while a similar number (65%) believed that obtaining finance to purchase a property is too stressful.
MFS’s research also found that 59% of people said there is a shortage of the type of property that they would ideally like to own.
Following the reopening of Parliament’s on 2nd September, 68% of respondents believed that building more homes should be a top priority for the new Labour Government.
Paresh Raja, CEO of MFS, 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 homebuying 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.”
