Generation rent: Most Brits believe housing crisis will not be resolved in their lifetime
Less than one in six UK adults believe the housing crisis will be resolved in their lifetime, with confidence in the Government equally low, while more than half of all Brits see the housing crisis as one of the country’s most pressing societal issues at present, according to new research that was exclusively shared with City PM today.
Less than one in seven Brits are confident the housing crisis will be resolved by 2030, with only fractionally more (15 per cent) having faith that the problem will be eradicated in their lifetime, the data from lender Market Financial Solutions found.
The research also showed there is a lack of confidence in the UK Government. Just one in six (16 per cent) UK adults believe the current Government will hit its target of delivering 300,000 new homes every year for the rest of this parliament.
Less than a fifth think the Government is truly invested in resolving the housing shortage.
Ambitions
MFS’ research showed how the UK’s housing crisis is impacting people’s homebuying ambitions, with only 30 per cent of respondents saying they are confident about one day owning their dream home.
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,” said Paresh Raja, CEO of MFS.
“But it is not just an issue for Westminster. 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,” he said.
“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,” Raja concluded.