In the ever-tumultuous UK housing market, renters are feeling the pinch as rent and mortgage spending nudged up by 2% in January, according to Barclays Property Insights. Yet, confidence in affording these payments remains stuck at a lukewarm 52%.
Despite a slight dip in concerns over interest rates, confidence in the housing market has hit a six-month low of 24%. Rising property prices and daunting deposit costs are major hurdles for 51% and 44% of renters, respectively. Still, hope springs eternal! A spirited 23% of renters believe homeownership is within reach in the next five years, with 31% actively saving for a deposit.
New builds are seen as a beacon of hope, with 65% of Brits advocating for more to boost housing supply. Younger generations, especially, see new builds as a better value, with 52% of 18–34-year-olds considering them over existing properties. Northern Ireland, London, and the West Midlands lead the charge in new build enthusiasm.
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Homeowners who’ve embraced new builds cite their freshness, prime locations, and modern features as key attractions, alongside energy efficiency and affordability.
Meanwhile, the Bank of England’s rate cuts haven’t eased the burden for all mortgage holders. A hefty 72% are on fixed rates, with many facing higher repayments after remortgaging. Yet, a lucky 10% have seen costs drop after navigating the higher-rate waters.
In this sea of uncertainty, the hope for more new builds and a brighter housing future keeps spirits afloat!
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