New research by Market Financial Solutions has revealed homebuyers want action from the Government to tackle the competitive and stressful nature of the property buying process.

The London-based specialist lender commissioned an independent survey asking 412 UK adults who had bought a property in the past year or were currently buying one what they thought of the process.

It found that nearly two-thirds (63%) of respondents felt that the property market was excessively stressful and competitive. The numbers were even higher for younger buyers (18 to 24 year-olds) at 70% but those between 35 and 44 (43%) had the lowest stress levels.

Complicated

Similar numbers (66%) said the process of buying a property was too slow and complicated, while 65% said securing finance (i.e. a mortgage) for the purchase of a property was another source of stress.

Our research demonstrates that there is a clear desire for action to make the homebuying process faster and less stressful.”

A further 59% complained that there was a shortage of the type of property that they would like to own and 68% were demanding the government should prioritise the building of new homes.

Paresh Raja, CEO of Market Financial Solutions, said: “We have all come to expect fierce competition in the UK property market.

“But that does not lessen people’s frustration about the stress this brings – and what’s more, there is an opportunity with the first change of government in 14 years and the re-opening of parliament after the summer recess to tackle this issue.

“Our research demonstrates that there is a clear desire for action to make the homebuying process faster and less stressful. Building more homes is a key part of this, but in isolation, it is unlikely to correct the imbalance between supply and demand.”

Market Financial Solutions (MFS) is a London-based specialist lender offering fast lending solutions for borrowers and investors.