Has the housing market become divided?
The dream of homeownership, once within reach for many, has slipped further from the grasp of average Britons. Recent findings from Yorkshire Building Society depict a challenging landscape in the UK housing market, where homeownership appears to be drifting away from the average person’s reach. The survey conducted by the 159-year-old British Mutual reveals a disheartening perception among a significant majority—78% of first-time buyers and 73% of remortgagers—that homeownership is becoming an exclusive privilege. This growing sentiment highlights the need to address disparities and inequities within the housing market.
Perhaps even more alarming is the belief held by 61% of first-time buyers and 54% of landlords that the UK is heading towards a future where it becomes a nation dominated by renters within five years. Such a transformation could fundamentally reshape the nation’s social fabric and underscores the urgent need to correct the housing imbalance.
Landlords also feel they are getting a raw deal. 61% believe the rental sector is becoming less attractive, while 58% feel that the government’s policies are pushing them out of the market. This raises concerns about the potential loss of housing options for those dependent on rental properties, which we will seemingly rely on more in the coming years.
Aston spoke to Ben Merritt, director of mortgages at Yorkshire Building Society.
Photo by Ethan Kent on Unsplash
Ads help us keep this site online