Majority of UK homebuyers lack confidence that Labour will deliver on housebuilding promises
Less than half of UK homebuyers are confident that Labour will deliver on its pledge to deliver more homes, according to new research from Market Financial Solutions.
The London-based specialist lender commissioned an independent survey of 2,000 UK adults, 916 of whom have recently bought, are in the process of buying, or plan to buy a property in the coming 12 months. Repeating a survey from July 2024, the lender once again asked homebuyers about their sentiments towards the property market and government policy.
It found that only 46% of buyers believe the Labour government will deliver on its promise to “get Britain building”. Moreover, just 47% feel Labour’s first year in power has brought more stability to the housing market – this comes in contrast to last year when, in the aftermath of the general election, 57% said they were confident Labour’s victory would bring greater stability to the market.
More generally, Market Financial Solutions’ study revealed that 61% of UK homebuyers believe the property market is too competitive, while 65% think the house-buying process is too slow and complicated.
Almost two in three (58%) homebuyers said there is a shortage of the kind of property they would ideally like to own. Even more (65%) said they find getting a mortgage stressful.
On a more positive note, looking ahead, 62% of those surveyed believe that UK house prices will rise in the next 12 months.
Paresh Raja, CEO of Market Financial Solutions, said: “Improving the UK’s housing supply featured prominently in Labour’s election campaign last year – and it remains a key focus for the party now it’s in power. But our research shows that the public’s confidence in fading, and you can understand why, given successive governments have made bold housebuilding targets and missed them by wide margins.
“From investment into new homes through to planning system reform (including the use of AI), Labour’s first year in power has featured plenty of eye-catching promises. But now is the time for delivery. When parliament reconvenes after its summer recess, it’s clear that UK homebuyers want to see rhetoric turn into decisive action that addresses the imbalance between supply and demand, creating a fairer and less fiercely competitive market.”