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16 May 2016
Government intervention into housing market seen as a positive, but property professionals still frustrated at current market conditions
- 90% of property professionals believe we’ve entered a ‘new norm’, where the housing market is dominated by a lack of stock and high prices
- 65% of property professionals believe leaving the EU would have a positive impact on the UK housing market, whilst 53% of home movers are undecided on which way to vote
- 61% of property professionals believe greater Government assistance should be given to ‘downsizers’; whilst 81% of home movers want to see Government help for all home movers to keep the market active
A recent survey by My Home Move, the UK’s leading provider of mover conveyancing services, has revealed the frustrations felt by today’s property professionals, as 90% of those surveyed believe the market has entered a ‘new norm’ where activity has been stifled by a lack of housing stock and high property prices.
The #FreshPerspective Survey, which was conducted in advance of My Home Move’s annual Housing Conference, taking place on Wednesday 18th May, consulted over 250 property professionals and home-moving clients to discover their views on the current state of the housing market and what can be done to increase activity.
65% of property professionals believe leaving the EU would have a positive impact on the UK housing market. A further 61% of those surveyed called for greater Government help for those looking to downsize to keep the market active, with 21% of respondents still wanting to see support for first-time buyers.
In comparison home movers are less decisive over Europe, with 53% still unsure of which way to vote; however in regards to domestic political intervention, the majority (85%) believe that more should be done to help all home movers, including first-time buyers, second-steppers and downsizers, to keep the market moving.
Commenting on these findings, Doug Crawford, CEO of My Home Move said,
“The market has been suffering from a lack of stock and high house prices for several years, so we’re not surprised that those at the sharp end of the sector are frustrated by what has become the ‘new norm’.
“Recent Government changes to Stamp Duty, alongside schemes like Help to Buy, have kept the market going since the recession, but the findings from our survey would suggest that those closest to the market are seeking even more intervention to shake things up. Nearly two-thirds of the estate agents and brokers surveyed believe leaving the EU would be positive for the housing market; and 85% of home movers are seeking greater Government assistance for those trying to move up and down the housing ladder.
“However, despite the recent policy move to tax additional home buyers, as a way of encouraging more first-time buyers onto the market, there remains a level of scepticism that home ownership levels will rise above the current level by 2025, suggesting that without intervention market conditions would worsen and Generation Rent would become an even greater reality for many more people.”