Housing crisis one of the biggest issues facing UK, study suggests

Fifty-one per cent of UK adults would consider the housing crisis to be one of the main issues facing the UK, according to new research by Market Financial Solutions (MFS).

The bridging lender’s research, based on a survey among 2,000 UK adults, found that the majority of UK adults consider the housing crisis to be one of the main issues facing the UK, even amid COVID-19 and Brexit uncertainty.

MFS suggested the housing crisis refers to the imbalance between demand and supply for property. When asked about the government’s approach to the crisis, 62% of respondents feel that housing policy is an important issue that has been neglected by successive governments. Furthermore, only 17% of those asked knew who the UK Minister for Housing is.

However, MFS said that respondents were more positive about the current government’s policies to support businesses and consumers through the pandemic. Half (49%) indicated they are satisfied with Chancellor Rishi Sunak’s response to COVID-19, compared to 16% who are dissatisfied.

The study revealed that another 19% of UK adults are considering buying a property before the stamp duty holiday expires on 31 March 2021. This figure increased to 32% for those aged between 18 and 35.

MFS CEO, Paresh Raja, said: “While the government is often keen to stress just how important the issue is, events like Brexit and COVID-19 have obviously been prioritised. This a reflection of the complex challenges that the UK is facing at the moment.

“Importantly, Britons seem to be behind the support and stimulus packages that have been announced to help those affected by COVID-19. This includes the stamp duty holiday, which has been among the most effective initiatives.

“Over the coming months, the government must focus on the housing crisis. However, it is also up to those involved in the property market – lenders, estate agencies and brokers – to ensure they are doing everything in their power to help prospective homebuyers.”

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