Only a fifth of UK homeowners believe the Government is doing enough to tackle the UK’s housing crisis, new research from Market Financial Solutions (MFS) has indicated.

The specialist lender commissioned an independent survey of 1,323 UK homeowners and found that only 21% think the Government is taking sufficient action to address the country’s housing crisis.

A significant majority (69%) of respondents stated that the lack of affordable housing is one of the most pressing social issues in the UK.

The Bank of England’s base rate has risen at 12 consecutive meetings between the Bank’s Monetary Policy Committee since December 2021, jumping from 0.1% to 4.5%. According to the MFS study, 28% of homeowners think the Government has done enough to support people with mortgages during this period.

In the same timeframe, there have been six different housing ministers, and the survey revealed that just one in five (20%) homeowners are aware of who the current housing minister is. Rachel Maclean MP has held the post since February this year.

Meanwhile, after the Government dropped its mandatory housebuilding targets in December 2022, the research also found that 58% of homeowners consider the government to be prioritising property taxation and regulation, rather than building new homes.

The MFS findings also found that 31% of homeowners believe high inflation and rising interest rates will result in a property market crash in the next 12 months. However, over half (52%) do see property as a safe investment in the current climate.

MFS CEO, Paresh Raja, commented: “The housing crisis is a major issue in the UK, and our research shows that there is a lack of confidence among homeowners and homebuyers that the Government is addressing it. This is likely, in part, a reflection of the turbulence Westminster has experienced in the last year, with changes of leadership bringing about new priorities.

“With interest rates rising rapidly in the last 18 months, the study clearly highlights that some homeowners feel left behind, so supporting those with mortgages and encouraging more housebuilding ought be at the top of the Government’s to-do list.

“In the meantime, it is encouraging that, despite some fears of a crash in the next 12 months, most homeowners continue to see the property market as a safe investment in the current climate. Indeed, as prices began to rise again last month, it is important for lenders to provide buyers with flexible products to enable the market to continue its resurgence in the months to come.”

Share Story: