Government slammed by public over housing failures

A new survey suggests the overwhelming majority of the public are critical of the government’s apparent housing failures.

A study of 1,323 UK homeowners found that 69 per cent say the lack of affordable housing is one of the most pressing social issues in the country.

Some 72 per cent say the government has done too little to support home owners paying mortgages following the Bank of England increasing base rate 12 consecutive times since December 2021, jumping from 0.1 to 4.5 per cent. 

And 58 per cent are critical of the government’s dropping of housebuilding targets, saying the Sunak administration is prioritising property taxation and regulation, rather than building new homes.

In the same time period, there have been six different housing ministers, and the survey revealed that just 20 per cent know the identify of the current one - Rachel Maclean MP.

The survey - by Market Financial Solutions (MFS) - shows that as many as one in three homeowners believe that high inflation and rising interest rates will result in a property market crash in the next 12 months.

More positively, 52 per cent say they still see property as a safe investment in the current climate.

MFS chief executive Paresh Raja says: “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.”