Only a fifth (21%) of UK homeowners believe the government is doing enough to combat the housing crisis, research from Market Financial Solutions (MFS) has revealed.
The government controversially dropped its mandatory housebuilding targets of 300,000 per year in December, while most (58%) think the government is prioritising property taxation and regulation, rather than building new homes.
The majority (69%) state that the lack of affordable housing is one of the most pressing social issues in the UK.
Paresh Raja, chief executive of MFS, said: “The housing crisis is a major issue in the UK, and our research shows that there is a lack of confidence among homeowners and homebuyers that the government is addressing it. This is likely, in part, a reflection of the turbulence Westminster has experienced in the last year, with changes of leadership bringing about new priorities.
“With interest rates rising rapidly in the last 18 months, the study clearly highlights that some homeowners feel left behind, so supporting those with mortgages and encouraging more housebuilding ought be at the top of the government’s to-do list.
“In the meantime, it is encouraging that, despite some fears of a crash in the next 12 months, most homeowners continue to see the property market as a safe investment in the current climate. Indeed, as prices began to rise again last month, it is important for lenders to provide buyers with flexible products to enable the market to continue its resurgence in the months to come.”
The Bank of England’s base rate has risen 12 consecutive times since December 2021, jumping from 0.1% to 4.5%.
In the same time period, there have been six different housing ministers, arguably resulting in a lack of joined-up thinking.
