Britain’s housing market is at a standstill, with homeowners delaying moves, according to research by HomeOwners Alliance.

It said activity was being restricted due to affordability pressures, a limited supply of suitable housing and a slow buying process.

Paula Higgins, CEO of HomeOwners Alliance, even went as far as describing the homebuying process as “broken”.

The group’s data reveals 74% of homeowners say it is too expensive to move, with mortgages, deposits and Stamp Duty the main barriers.

Mortgage rates

When asked what would make it easier, 42% said lower mortgage rates would motivate them, rising to 50% among those with a mortgage.

Meanwhile, 37% identified reforms to the buying and selling process, and a third – at 36% – highlighted lower Stamp Duty.

For first-time buyers, affordability was the key challenge. Lower deposit requirements – at 42% – and lower mortgage rates – at 39% – were the most commonly cited factors, while 19% said more targeted savings products, such as Lifetime ISAs, would support them onto the housing ladder.

Older homeowners were more likely to highlight a lack of suitable homes, with 27% saying a better supply for the different life stages would help, alongside concerns around downsizing and leasehold rules.

Tackling affordability, addressing Stamp Duty and fixing the broken buying process will make it easier for everyone to move when the time is right.”

Higgins explains: “Tackling affordability, addressing Stamp Duty and fixing the broken buying process will make it easier for everyone to move when the time is right.”

She adds: “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.”