Homebuyers in the UK have described the property market as competitive and stressful, research from a lender found.
A study carried out by Market Financial Solutions showed that among the 412 respondents who bought a property last year or are currently purchasing one, 63% felt the housing market was too competitive.
This feeling rose to 70% among 18-24-year-olds, and was 43% among those aged between 35 and 44.
Two-thirds of respondents said the process of buying a home in the UK was too slow and complicated, while 65% felt getting finance to purchase property was stressful.
According to the survey, 59% of respondents believed there were not enough homes they would ideally like to own.
The majority of respondents – 68% – said building more homes should be the government’s main priority.
Paresh Raja, CEO of Market Financial Solutions, said: “We have all come to expect fierce competition in the UK property market. But that does not lessen people’s frustration about the stress this brings – and what’s more, there is an opportunity with the first change of government in 14 years and the re-opening of Parliament after the summer recess to tackle this issue.
“Our research demonstrates that there is a clear desire for action to make the home buying process faster and less stressful. Building more homes is a key part of this, but in isolation, it is unlikely to correct the imbalance between supply and demand.”
He added: “Instead, it’s important that the public and private sectors come together to make the property market more equitable. New housing aside, there are many ways to make the market less competitive – from renovating dilapidated buildings to converting unused commercial properties – that the specialist lending sector can help facilitate.
“Lenders can also play a role in offering greater speed and assurance in delivering the finance people need to buy properties; doing so removes a great deal of stress from the process.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
