"Now is the time for delivery," says lender executive
Fewer than half of prospective homebuyers believe that the Labour government will fulfil its commitment to increase housing supply, according to a recent survey by specialist lender Market Financial Solutions (MFS).
The research, which surveyed 2,000 UK adults—including 916 individuals who have recently purchased, are in the process of buying, or intend to buy a property within the next year—sought to gauge sentiment towards both the property market and government policy.
The findings indicate that only 46% of respondents expect Labour to achieve its promise to “get Britain building.” Confidence in the government’s ability to bring stability to the housing market has also diminished: just 47% of those surveyed feel that Labour’s first year in office has resulted in greater stability, a notable decline from the 57% who expressed optimism immediately following the general election last year.
Competition within the property market remains a concern, with 61% describing it as excessively competitive. Additionally, 65% of homebuyers consider the process of purchasing a property to be overly slow and complex. The survey also found that 58% of participants believe there is a shortage of suitable properties available, and an equal proportion report that securing a mortgage is a stressful experience.
Looking ahead, 62% of those surveyed anticipate that house prices will increase over the coming year.
“Improving the UK’s housing supply featured prominently in Labour’s election campaign last year – and it remains a key focus for the party now it’s in power,” said Paresh Raja (pictured right), chief executive of Market Financial Solutions. “But our research shows that the public’s confidence in fading, and you can understand why, given successive governments have made bold housebuilding targets and missed them by wide margins.
“From investment into new homes through to planning system reform (including the use of AI), Labour’s first year in power has featured plenty of eye-catching promises. But now is the time for delivery.
“When parliament reconvenes after its summer recess, it’s clear that UK homebuyers want to see rhetoric turn into decisive action that addresses the imbalance between supply and demand, creating a fairer and less fiercely competitive market.”
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