Non-traditional workers, including the self-employed, freelancers, and gig economy workers not on PAYE, have expressed their needs from the Government regarding the property market, according to research from The Mortgage Lender (TML).
While facing high interest rates, rising living costs, and elevated rents and house prices, affordability support is crucial, and consumers are seeking reforms that improve their experience during the mortgage application process.
Research found that 39% of non-PAYE workers want the Government to take actions to keep mortgage rates as low as possible, while 36% want a simplification of the homebuying process.
Additionally, 33% said they want more support for first-time buyers, and 21% wanted the Government to focus on making homes greener.
Another 21% wanted continued additional Stamp Duty relief for first-time buyers, and 20% wanted the development of more new-builds.
Furthermore, 17% called for reforms to the leasehold system and 15% want the Government to deliver on its national Warm Homes Plan.
Steve Griffiths, chief commercial officer at TML, said: “The property market is a key contributor to the UK economy and is heavily influenced by both economic conditions and consumer confidence.
“With limited housebuilding and a difficult few years, it’s in need of considerable attention from the Government to help unlock the property ladder and support tenants, buyers, and landlords alike in achieving their property goals.
“To do this, the Government needs to maintain a healthy balance between increasing affordable housing stock, supporting homeownership aspirations, and taking care of the private rental sector.
“With mortgage rates settled into a new normal, affordability remains a challenge at all levels, but first-time buyers face the toughest environment.
“This group is calling for more support to help them get onto the ladder, particularly while dealing with rising costs, high rents, and interest rates.
“They need assurance from the Government that support is available to achieve their homeownership goals.
“This need also applies to the self-employed, who make up 13% of the UK workforce or approximately 4.23 million people.
“There are clear areas this group would like addressed, which could help more individuals make their step onto the property ladder instead of being deterred by the requirements in the mortgage process.”
