Housing shortage traps millions of Brits into unsuitable homes - Show House
- Date: 11/06/2018
The UK’s housing market is broken at every level with everyone from first timer buyers, second-steppers to downsizers struggling, latest research has revealed.
According to the Homeowners Survey 2018, polling over 2000 UK adults online, on behalf of HomeOwners Alliance and BLP Insurance, millions of UK adults are failing to realise their dream of homeownership or are stuck in houses that are unsuitable for their needs as a result of affordability issues and lack of properties.
The study found that while almost three in four non-homeowners (74%) want to own their home one day, affordability problems are preventing them from doing so. The main reasons cited for not being able to buy their first home include: property prices are too high (66%), difficulty saving for a deposit (58%) and difficulty getting a new mortgage (31%).
Affordability is also the biggest barrier for second steppers. The biggest reason for considering a move but not moving among homeowners age 18-54 are house prices/ being able to afford to move (58%).
Read the full article on the Show House website.