New research commissioned by bridging finance provider Market Financial Solutions (MFS) outlines growing concern about the UK’s housing crisis, with more than half of Brits saying they are worried about the coronavirus pandemic and the current situation. It has become clear that the housing crisis is considered to be one of the biggest issues amid the ongoing uncertainty of Brexit. .
The MFS research (a nationally representative, independent survey of 2,000 UK adults) found that 51% of Brits believe the housing crisis is one of the main issues facing the UK. It found that 62% claim that housing policy is being “ignored”. ‘ said successive governments.
Disturbingly, only 17% of Brits know who the UK Housing Secretary is. To be clear, the job is currently held by Conservative MP Robert Jenrick.
Earlier this year, Chancellor of the Exchequer Rishi Sunak announced a stamp duty exemption for properties valued at less than £500,000 as part of his July ‘mini-Budget’ to boost the UK economy. Zoopla’s analysis predicted that consumers could save up to £1.3 billion on stamp duty payments, with first-time buyers saving up to £14,999.
But new figures from Rightmove show the housing market could fall again as sellers rush ahead of the spring stamp duty holiday deadline.
Tim Bannister, Director of Real Estate Data at Rightmove, commented on Monday:
“Given the continuing mini-boom, one might have expected prices to rise again this month.
“But we are instead seeing a slight dip, as some new sellers are more likely to agree to sell in time to benefit from stamp duty savings on future purchases. This may be the result of more realistic pricing.”
Despite this, the MFS survey found that 49% of Brits are currently “satisfied” with Sunak’s coronavirus support and stimulus package so far.
Paresh Raja, CEO of MFS, argued that the government needs to do more to address the growing problems in the housing market, saying:
“In the coming months, the government must focus on the housing crisis. But it is also up to financiers, estate agents and intermediaries involved in the property market to do everything in their power to support prospective homebuyers. .”
