Market Financial Solutions commissioned an independent survey asking 412 UK adults who had bought a property in the past year or were currently buying one what they thought of the process
Homebuyers want action from the Government to tackle the competitive and stressful nature of the property buying process, according to new research by Market Financial Solutions.
The specialist lender commissioned an independent survey asking 412 UK adults who had bought a property in the past year or were currently buying one what they thought of the process.
It found that almost two-thirds (63%) of respondents felt that the property market was excessively stressful and competitive. The numbers were even higher for younger buyers (18 to 24 year-olds) at 70% but those between 35 and 44 (43%) had the lowest stress levels.
Similar numbers (66%) said the process of purchasing a property was too slow and complicated, while 65% said securing finance (i.e. a mortgage) for the purchase of a property was another source of stress.
A further 59% complained that there was a shortage of the type of property that they would like to own and 68% were demanding the government should prioritise the building of new homes.
Paresh Raja, CEO of Market Financial Solutions, said: We have all come to expect fierce competition in the UK property market.
But that doesn’t reduce people’s frustration about the stress this brings – and what’s more, there is an opportunity with the first change of government in 14 years and the re-opening of parliament after the summer recess to tackle this issue.
Our research demonstrates that there is a clear desire for action to make the homebuying process faster and less stressful. Building more homes is a key part of this, but in isolation, it is unlikely to correct the imbalance between supply and demand, he added.