Non-traditional workers, including the self-employed, freelancers, and gig economy workers who are not on PAYE, share what they would most like to see from the Government when it comes to the property market, according to research from The Mortgage Lender (TML), the specialist lender.
While navigating a high interest rate environment, the cost of living, and high rents and house prices, affordability support plays a big part in what consumers want from the Government, in addition to reforms which improve this cohort’s experience of the mortgage application process.
What ‘non-traditional’ traditional workers want to see prioritised by the Government:
39% of non-PAYE workers want to see the Government commit to taking what action they can to keep mortgage rates as low as possible
36% want the Government to simplify the homebuying process.
33% of non-PAYE workers most want to see the Government offer more support to first time buyers
21% want the Government to make homes greener
21% want to see the Government continue additional stamp duty relief for first time buyers
20% of non-PAYE workers want the Government to develop more new builds, increasing housing stock in the UK
17% want to the Government to reform the leasehold system
15% want the Government to deliver on its national Warm Homes Plan
Steve Griffiths, chief commercial officer at The Mortgage Lender, comments: “The property market is a key contributor to the UK economy, and also heavily influenced by both economic conditions and consumer confidence.
“With limited housebuilding and a difficult few years, it’s in need of considerable attention from the Government to help unlock the property ladder, and support tenants, buyers and landlords alike achieve their property goals. To do this, the Government needs to maintain a healthy balance between increasing an affordable level of housing stock, supporting people with their homeownership aspirations, and also taking care of the private rental sector.
“With mortgage rates settled into a new normal, affordability remains a challenge at all rungs of the ladder, but the environment for first time buyers is arguably the most challenging. As a cohort, FTBs are crying out for more support to help them achieve their goals to get onto the ladder, particularly while navigating increased costs, high rents and a high interest rate environment. They clearly need some assurance from the Government that there is support on offer and that they can achieve their homeownership goals. This also rings true for the self-employed. Making up 13% of the UK’s workforce, the equivalent of 4.23m people, there are clearly areas this cohort would like addressed. In doing so, this could open up the number of individuals who make their step onto the property ladder rather than being put off the process because of additional requirements needed for them to get through the mortgage process.”
