Around 80% of UK adults aren’t confident in the in the government’s ability to make it easy and accessible for people to purchase a property over the next two years, research bridging lender MFS has revealed.
There are now 11 house-hunters for every residential property up for sale in the UK.
People who have successfully bought a house in the last 10 years think the most important factor in doing so is having a very clear idea of budget and desired property from the outset.
Homebuyers think the next important factor was by having immediate access to the property-buying funds, followed by being chain free.
Paresh Raja, chief executive of MFS, said: “Today’s research provides valuable insight for those looking to get ahead in this marketplace – as well as having a very clear idea of your budget and desired property, it is also vital that people seeking to get onto or move up the property ladder have immediate access to the funds they need to complete the purchase if they are to secure their ideal home.
“People are clearly not confident in the government’s current approach to homeownership, and this year’s Autumn Budget provides an ample opportunity to address some of the market’s key concerns.
“Central to this is the ability for investors to quickly access finance and reduce the risk of being stuck in prolonged housing chains – whether it’s through traditional mortgages or alternative options such as short-term bridging loans, house-hunters must ensure they have the required finance to act, and act quickly.”
Speed was identified as another key factor, with the majority of recent homebuyers saying it is very important to act quickly upon seeing the right property.
Being flexible in the location of the property and having the budget to offer over the asking price also scored highly in MFS’s homebuyer survey.
Coming in at the bottom of the list was gazumping, the practice of making last minute bids to steal a property away from a rival buyer, as homebuyers don’t see it as such an important factor.