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The UK: A country of property have and have-nots

Posted by: In: Real Estate 27 Oct 2014 Comments: 0 Tags: , , , , , , , , , , ,

More than 1 in 4 (25 per cent) of UK adults feel that the UK is a two-tier society of property haves and have-nots, according to a survey by Gocompare.

The dim view of the property market is being driven by the lack of affordable housing in the UK. Indeed, UK population growth has exceeded 400,000 in the last year, with only 134,460 properties completed during the same period, exacerbating a backlog built up over years of underdevelopment.

Now, 23 per cent of UK buyers think that they will only be able to own a home if they buy with someone else. 17 per cent don’t think that they will ever own their own home, while 1 in 10 think that the only way they’ll end up owning a property is if they inherit one in a will.

Though 18 per cent say that the government is responsible for the shortage of affordable homes, 14 per cent think that buy-to-let landlords are to blame for the shortage of affordable homes.

Potential home buyers are also having to consider moving to put down roots, with a fifth saying they had to expand their house-hunting to areas way from where they want to live. 14 per cent, meanwhile, have decided that if they want to live in the chose area where they are searching, they will have to rent a property. 6 per cent are so fed up they have given up altogether.

Matt Sanders, spokesperson for Gocompare.com Mortgages, says: “It’s easy to see why people feel so frustrated with the UK’s housing market. Not only are there not enough houses being built, but people face having to move away from their friends, families and hometowns if they want to buy a home of their own.

“It’s clear that the government needs to do more to help address the lack of affordable housing if people are to take part in that most British of pursuits – owning a home. Everyone has a right to buy, but not everyone has the ability to do so. Schemes like Help to Buy have been successful, but this won’t be sustainable if the issue of property availability isn’t also tackled.”

UK, Home Ownership

Source: The Movechannel


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