Affordability the main concern for homeowners

February 14, 2023 by Alan

Home owners

A survey of people in the UK who own their own homes has found that more than half of them consider affordability to be the main concern for the housing market this year.

The survey, carried out by The Mortgage Lender, shows that 55% of people who own a home view affordability as the top issue. Other factors that were cited by respondents included the lack of economic stability, which 43% saw as the biggest concern, and rising interest rates leading to increased mortgage costs, which was named by 48%.

Among those who picked affordability as their major concern, this was also affecting how they felt about their existing properties. 37% of those who took part in the survey said that bills were a worry, while 21% said the same about mortgage repayments. 15% expressed doubts about their ability to manage a move to a new property in years to come.

A sizeable number of those who participated in this Mortgage Lender survey said that they would like the government to do more to help the housing market, including increasing support for first-time homebuyers.

Speaking to Financial Reporter, Steve Griffiths from TML said that:

“Speaking to a mortgage broker early will help homeowners understand their options, and which lender is the best for their income and affordability situation.”

An individual who has CeMAP mortgage advisor training will certainly have the skills and market knowledge to be able to help homeowners who want to move but worry about affording to do so.