Taylor Scott International News

British house hunters feel increasingly disenfranchised by the lack of affordable housing, new research has found. The latest official figures show that population growth in the UK has exceeded 400,000 and with only 134,460 new properties completed over the same one year period there aren’t enough new homes being built to meet that demand, let alone tackle the backlog of years of underdevelopment. Against this backdrop, research from Gocompare.com Mortgages has revealed the effect that the gap between housing supply and buyer demand is having on people’s attitudes to home ownership. It has found that the lack of affordable housing in the UK has resulted in people taking a dim-view of their prospects of getting onto the property ladder. Of those looking to buy a home some 26% feel that the UK is becoming a two tier society of property haves and have nots and 23% expect only be able to buy a home if they buy with someone else. Though 18% say that the government is responsible for the shortage of affordable homes, 14% think that buy to let landlords are to blame, and 17% don’t think that they will ever own their own home. Some 12% said that it angers them that they can’t afford to buy a house in the neighbourhood where they grew up and 10% think that the only way they’ll end up owning a property is if they’re left one in a will. It also appears that people could be forced to move around the country to put down roots. Over a quarter, 29%, of would be home buyers said that they’d have to stretch themselves financially or borrow money from friends or family to find properties in the areas where they want to live. As such 20% say that they have had to expand their search to towns and cities outside of their preferred area, while 14% have come to the realisation that if they want to live in their chosen region they’ll have to rent. And 6% are so fed up that they have completely given up looking for a home to buy. Those surveyed said they would consider moving, on average, up to 26 miles away from their preferred location to find an affordable home and 21% would expand their search to between 26 and 50 miles, while 5% would look for housing more than 101 miles away. ‘It’s easy to see why people feel so frustrated with the UK’s housing market. Not only are there not enough houses being built, but people face having to move away from their friends, families and home towns if they want to buy a home of their own,’ said Matt Sanders, spokesperson for Gocompare.com Mortgages. ‘It’s clear that the government needs to do more to help address the lack of affordable housing if people are to take part in that most British of pursuits, owning a home. Everyone has a right to buy, but not everyone has the ability to do so. Schemes like… Continue reading →

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