New research among 2,000 UK adults conducted by bridging lender, Market Financial Solutions, found 52% of respondents consider the housing crisis to be one of the country’s most pressing societal issues at present.
However, only 14% of respondents are confident the housing crisis will be resolved by 2030, with only fractionally more (15%) having faith that the problem will be eradicated in their lifetime.
The research showed there is a lack of confidence in the UK Government. 16% of UK adults believe the current Government will hit its target of delivering 300,000 new homes every year for the rest of this parliament.
18% think the Government is truly invested in resolving the housing shortage.
MFS’ research showed how the UK’s housing crisis is impacting people’s homebuying ambitions, with only 30% of respondents saying they are confident about one day owning their dream home. Renters (20%) are far less likely to feel this way than those already on the property ladder (36%).
Paresh Raja, CEO of MFS, said: “Our research shows just how low confidence has sunk when it comes to finding a resolution to the UK’s housing crisis. This is understandable, with successive governments setting and missing targets for delivering new homes, which has eroded trust.
“But it is not just an issue for Westminster. More must be done by key players across the property industry. Yes, the Government must combine policy reform with public investment to ensure housebuilding activity accelerates, but lenders and private investors also have a role to play.
“For instance, more can be done to convert unused commercial properties into residential dwellings; to extend existing homes and housing projects; and to renovate derelict buildings, of which there are many thousands across the UK. A wide variety of creative solutions are needed from both the public and private sectors – and as our research shows, there is not a moment to be wasted.”
