Non-traditional workers are urging the Government for essential changes in the property market.
- UK house prices are projected to increase significantly in the coming years, raising alarms for affordability.
- Rental scams are on the rise, adding another layer of complexity for home seekers.
- There is a pressing need for mortgage reforms to accommodate the diverse workforce.
- The Government’s role is pivotal in ensuring fair opportunities for first-time buyers amidst economic challenges.
In recent findings, non-PAYE workers, including self-employed individuals and gig economy participants, have voiced their concerns regarding the UK property market. As house prices are expected to surge by £84,000 over the next five years, these workers are facing heightened challenges in entering the market. The demand for more substantial Government support is a recurring theme, particularly among those not on the traditional PAYE system.
The rise in rental scams on platforms such as Facebook Marketplace exacerbates the difficulties for potential buyers and tenants. With more than half of the listings identified as scams, the urgency for a secure and streamlined homebuying process becomes evident. Non-traditional workers are seeking measures that protect their interests and provide clarity in property transactions.
A significant proportion of non-PAYE workers, specifically 39%, are urging the Government to implement strategies to keep mortgage rates low. Furthermore, 36% are advocating for a simplified homebuying process, highlighting the bureaucratic hurdles they often face. This demographic is particularly vulnerable to fluctuations in interest rates and living costs.
The call for government intervention extends to areas such as first-time buyer support, with 33% emphasising the need for more robust initiatives. Additionally, 21% believe the priority should be on enhancing the energy efficiency of homes, aligning with broader environmental goals. Continued Stamp Duty relief and the development of new-build properties are also high on the list of demands.
Steve Griffiths of The Mortgage Lender has highlighted the vital role the property market plays in the UK economy. His statement underscores the importance of balancing affordable housing availability with support for homeownership aspirations. With the current economic landscape, first-time buyers find themselves in an especially challenging position, navigating high costs and limited options. The demand for governmental assurance in supporting homeownership is strong, with non-traditional workers forming a notable segment of the workforce seeking these reforms.
The appeal from non-PAYE workers underscores the critical need for government intervention to ease their entry into the property market.
