Over 11 million households in the UK cannot progress either into home ownership or up the property ladder for a variety of reasons, according to lobbying group Home Owners Alliance.
Its latest research among 2,000 adults suggests that 7.5 million renters are stuck at the start of the property ladder while three million potential second-steppers can’t move and a million retirees can’t downsize.
The organisation claims this proves the housing market is “broken at every level”. This is down to higher Stamp Duty, high house prices and a lack of properties available to buy.
The detail of the research reveals that 74% of those who rent want to own a home but can’t because either properties are too expensive, they are struggling to save a deposit or can’t get an affordable mortgage.
Also, second steppers are struggling to move up the property ladder because bigger homes are too expensive and the Stamp Duty bill too high, while retirees can’t find suitable properties to buy that offer the ideal size and amenities they want.
Home Owners Alliance’s figures highlight the huge opportunity for the government and the property industry if only homes could be made more affordable, one that successive governments have been trying to solve, to date largely unsuccessfully.
“These figures show the true scale – and indeed, the breadth – of the problems facing the housing market,” says Paul Higgins, CEO of the Home Owners Alliance (pictured).
“And sellers at every single level are being met with problems and it’s clear that tinkering with just one area will not solve this crisis.“