Understanding homebuyers’ aspirations and challenges
It’s well documented that today’s housing market is ‘broken’, which we know is hampering efforts for people to move on to or up the ladder.
We’ve spoken to buyers at all stages of the property ladder so we can shine a spotlight on some of the real issues people are facing, and spark debate and conversations about what we can do – by working with Government and others – to lead to positive change.
Through our research we found:
Insufficient affordable homes, the cost of moving and a lack of supply are the biggest barriers to getting the nation moving onto or up the property ladder.
Three quarters (75%) of Brits feel homeownership is now out of reach for many.
A lack of appropriate housing supply is contributing to the ongoing property crisis - three in five (59%) say their current home meets none, or only some, of their needs. 60% also claim there isn’t enough suitable housing in their local area to move to - especially a concern for downsizers.
When it comes to a property purchase, downsizers are most likely to compromise on outdoor space and the number of bedrooms, but other groups have to make more compromises overall.
First-time buyers are optimistic about the extent to which their first home will meet their needs, with 79% suggesting their first home will fit their requirements. This expectation, however, could be short-lived.
Those surveyed argue that government are responsible for fixing the housing crisis, and could start by scrapping stamp duty. Two-in-five (41%) suggested that a permanent removal of the tax could address some of the issues by easing the financial burden.
How we worked out our findings
We commissioned consumer research to examine attitudes towards, and concerns about, homeownership, speaking to 1,750 homebuyers at all stages of the property ladder.
This enabled us to analyse the challenges and opinions of each group; where they align and where they differ to obtain a balanced view of the situation.