The housing crisis is one of the UK’s biggest issues, says MFS

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Housing crisis, Brexit

The majority of UK adults consider the housing crisis to be one of the main issues facing the UK, even amidst Covid-19 and Brexit uncertainty, a survey by Market Financial Solutions (MFS) has revealed

The bridging lender commissioned an independent, nationally-representative survey of 2,000 UK adults. It found that 51% consider the housing crisis to be one of the main issues facing the UK.

The survey found:

When asked about the government’s approach to the crisis, over three-fifths (62%) feel that housing policy is an important issue that has been neglected by successive governments.

What’s more, only 17% of people know who the UK Minister for Housing is.
However, respondents were more positive about the current government’s policies to support businesses and consumers through the pandemic.

49% are satisfied with Chancellor Rishi Sunak’s response to Covid-19, compared to 16% who are dissatisfied.

The research found that 44% of UK adults believe the media focuses too much on worst-case scenarios in its coverage of Brexit and Covid-19.

One fifth (19%) of UK adults are considering buying a property before the stamp duty holiday expires on 31st March 2021.

This figure increases to 32% for those aged between 18 and 35, demonstrating the success of the holiday in promoting property investment.

‘Government must focus on the housing crisis’

Paresh Raja, CEO of MFS, said: “While the government is often keen to stress just how important the issue is, events like Brexit and Covid-19 have obviously been prioritised.

“This a reflection of the complex challenges that the UK is facing at the moment.

“Importantly, Britons seem to be behind the support and stimulus packages that have been announced to help those affected by Covid-19.

“This includes the stamp duty holiday, which has been among the most effective initiatives. According to Halifax, house prices in October 2020 were 7.5% higher than the same month a year earlier.

“Over the coming months, the government must focus on the housing crisis. However, it is also up to those involved in the property market – lenders, estate agencies and brokers – to ensure they are doing everything in their power to help prospective homebuyers.”

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