UK Population Concerned With Declining Property Quality
Concerns over the UK’s housing quality increased substantially over the past five years.
According to the HomeOwners Alliance’s ‘The Home Owner’s Survey 7th Annual Report’, 63% of UK adults believe housing quality is declining and becoming a serious problem. Since 2014, this issue has increased by 14% when less than half (49%) of the population considered this to be a problem.
Figures also indicate that the quality of new build property could be an issue leading to the UK’s negative perception of its current housing stock. 40% of new build homeowners were unhappy with the snagging process with many (20%) concerned that they are coerced into paying their deposit and buying the property before they are able to identify snags and defects in their new built home.
Over a third of respondents did not agree that their builder or developer had resolved their defects within two years of completing the purchase and just under half did not agree that the warranty provider fulfilled their responsibilities (43%) and clearly explained the warranty (46%).
These declining sentiments of satisfaction have led to 88% of survey respondents supporting a snagging retention fee which would be withheld from the developer until all snagging defects are resolved.
Available housing stock is also a major concern permeating through housing reports and industry commentaries in 2019. This viewpoint is reflected in the HomeOwners Alliance findings with three quarters (76%) concerned with the availability of housing in the UK.
First-time buyers (FTB) also feel stymied and restricted by the current property market. Despite 72% of non-homeowners aspiring to achieve property ownership, 91% also feel they will always be priced out of the market with the idea of getting on the property ladder a serious problem.
88% feel as though rising house prices in recent years have priced the average earner out of the property market and the cost of living is making it difficult for the majority (87%) to save for a deposit.
However, 72% feel as though the quality of property they can aspire to afford as a first home is demotivating because the quality of product is so poor.
Although many trapped in the private rental sector and other first-time buyers are looking to gain a foothold on the property ladder, only two thirds (64%) support Help to Buy with 15% clear that it is a bad idea. Many claim the schemes are supporting an over inflated property market, helping people who need less support and is being abused by developers.
Whilst the evolving landscape is changing the property market at the moment, a number of declining concerns could suggest some returning confidence. Being able to get a mortgage, move up the property ladder and the idea of a house falling into negative equity are all less of a concern than five years ago.
Is the quality of the UK’s current housing stock an issue at the moment?