New research from HomeOwners Alliance reveals what is really happening in Britain’s housing market. High costs remain the biggest barrier to moving home in the UK, with nearly three-quarters (74%) of homeowners citing financial pressures such as mortgage rates, deposit requirements and stamp duty.
When asked what would make it easier to move home:
- 42% of homeowners say lower mortgage rates would motivate them to move (rising to 50% amongst mortgage holders)
- 37% identify reforms to the buying and selling process
- More than a third (36%) say lower stamp duty would make moving easier
- 27% say more suitable homes across life stages would help people move
Older homeowners waiting for bungalows and want less hassle
Homeowners aged 55 and over are particularly focused on the availability of suitable homes and inefficiencies in the process. Around a third (32%) say a better supply of later-life housing, such as bungalows, would encourage them to move, compared with 27% of homeowners overall.
This group is also more likely to highlight issues with the buying and selling process. Nearly three in ten (29%) say making transactions legally binding earlier would help, compared with just 14% of homeowners under 35. Leasehold reform is another key issue, cited by 22% of older homeowners versus 17% of homeowners overall.
Affordability is the key challenge for first-time buyers
For aspiring first-time buyers, affordability remains the biggest hurdle. Lower deposit requirements (42%) and lower mortgage rates (39%) are the most commonly cited factors that would help them onto the housing ladder. One in five (19%) say more targeted savings products, such as Lifetime ISAs, would support their journey to homeownership.
Paula Higgins, CEO of HomeOwners Alliance says:
“The message from homeowners is clear: moving home in Britain can feel too expensive, too slow and too stressful. But even in a challenging market, it is still possible to move - and for many people, it’s about making the decision that’s right for you and your circumstances.
Whether you’re upsizing, downsizing or buying for the first time, there are ways to navigate the system and make it work. At HomeOwners Alliance, we’re here to help people cut through the complexity, understand their options and move forward with confidence.
At the same time, there’s no question the system needs to improve. Tackling affordability, addressing stamp duty and fixing the broken buying process will make it easier for everyone to move when the time is right.”
We already know older homeowners want more bungalows, but this research also shows growing concern about leasehold. Many have spent their lives in freehold homes and are understandably wary of downsizing into properties with added costs, complexity and restrictions. The government now needs to get on with leasehold reform to give homeowners confidence in flats and ensure this vital part of the housing market continues to work for everyone.”
