Many housebuyers are unaware there are affordable homes in their area and this is holding the property market back, a leading sector figure told MPs.

Beth Rudolf, who is Co-Chair of the Home Buying and Selling Council (main picture), said there is misinformation circulating about how much cash is needed to buy a property.

Speaking at a hearing of the Housing, Communities and Local Government Committee, she said, “Actually there a lot of affordable homes. The problem is that consumer confidence is eradicated by the media.

The reality is that in every town there are properties that are affordable.”

“They talk about the standard average house price being £290,000, which it is at Land Registry. But of course that includes the million-pound houses,” she said.

“The reality is that in every town there are properties that are affordable, but consumers are just not aware of that.”

And it is one of the top three most stressful events in a person’s life, she said, which also acts as a deterrent to buyers and sellers.

Nightmare

Joe Pepper, CEO at proptech firm PEXA UK, told MPs about how the system works much more efficiently in Australia, where his firm are well established.

He said it was crucial that the process was made “less of a nightmare”, as it deters downsizers especially.

In the UK, it takes five months for a property transaction to go through, whereas Down Under it is only 30 days.

Stamp Duty

He also said Stamp Duty was “a barrier to activity” in the property market, that “puts people off”.

And Timothy Douglas, Head of Policy and Campaigns at Propertymark, agreed that Stamp Duty was a major issue.

He recommended the Government look at lower rates of Stamp Duty to stimulate the market.

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