We all know the UK and London housing market is challenging at the best of times, but recently, it has been hugely problematic for many reasons. At Stones Residential, we speak with many clients, and we stay in touch with the latest studies. This helps us to help you make an informed decision in the property market.
Headline figures from Nationwide’s The Future of Home report, issued near the end of July 2021 include:
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63 per cent of people say the UK has a housing crisis, rising to 71 per cent of private renters
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A quarter of renters say pandemic has made it less likely they will be able to buy their own home
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68 per cent of renters don’t think they will ever be able to afford a home to buy
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57 per cent of households are now homeowners, down from 64 per cent in 2003
People need to believe they will step onto the property ladder
One of the biggest issues from the findings is that so many people don’t believe they will every own their home. In the UK, this is seen as a rite of passage for many individuals, but if people are giving up on the thought of owning a home, there will need to be a change in how we view the property process.
The Government is keen to maintain the dream of property ownership, and there are various schemes in place to assist people to step onto the property ladder. It is also likely that many more schemes will be made available, because for the majority of tenants, homeownership is out of reach.
At Stones Residential, we know the plight and concerns of home owners in and around Belsize Park are very different from many tenants looking to step onto the property ladder for the first time. However, it should be noted that the housing market is connected.
There needs to be a way for people to step up onto the property ladder, as well as a way for people to move up the ladder. There also needs to be a way for people to move down the ladder if this is the right move for them.
Downsizing is a common issue
Downsizing is an extremely common issue for households these days, and the impact of the pandemic has changed what is important for households.
Yes, many people are looking for larger homes and they want to see more space, but other homeowners are making other decisions. Some people are making financial decisions, others are deciding to live closer to loved ones.
These decisions might mean that downsizing or moving to another area makes sense. If you are considering leaving the Belsize Park area of London, get in touch, and we will be happy to help.
Sara Bennison, Chief Product and Marketing Officer at Nationwide Building Society, said: “Our research and cross-industry conversations show that the pandemic has served to exacerbate long-standing issues in the housing market. Layer onto that the enormous challenge of making the UK’s homes net zero and the challenge ahead becomes even greater. The need for more homes, more affordable homes and more sustainable homes are some of the critical questions we address in the Future of Home Report which is launched on Monday.”
If you would like to arrange an appointment to help you negotiate the local housing market, please contact Stones Residential today by calling us on 020 7483 0685 or emailing belsizepark@stonesresidential.co.uk.
