Latest news with #HomeOwnersAlliance
The Independent
3 days ago
- Business
- The Independent
More than a third of homeowners ‘have regrets about their property'
More than a third (37%) of homeowners regret aspects of the home they bought, or would make different decisions if buying again, a survey indicates. Among younger adults, nearly two-thirds (63%) of homeowners aged 34 and under expressed regrets about their property purchase. This compared with just under half (48%) of those aged 35 to 54 and just over a fifth (22%) of homeowners aged 55-plus. Regrets included underestimating the full costs of buying or renovating, dissatisfaction with the location, and having to make compromises on indoor or outdoor space. London homeowners were particularly likely to have regrets about their property purchase, with just over half (51%) saying they would now make different choices. Paula Higgins, chief executive of HomeOwners Alliance, which commissioned the research, said: 'Buying a home is one of the most significant and emotional decisions people make, and our research shows many are left feeling they got it wrong. 'Younger buyers, in particular, are being hit hardest by the realities of the market: high prices, hidden costs, and the pressure to compromise. 'In London, these challenges are even more acute. Sky-high property prices mean buyers are often stretching their budgets to the limit and compromising to get on the ladder.' Ms Higgins added: 'It's worth remembering that even with these regrets, owning a home brings long-term stability and financial security. 'You're building equity, not paying someone else's mortgage, and you have a roof over your head that you can call your own. 'Most homeowners adapt and grow into their homes – they decorate, renovate, build equity, and make the space work for them. 'With time, a house becomes more than a transaction; it becomes a home.' The research was carried out for HomeOwners Alliance in April by Opinium, surveying more than 1,200 homeowners across the UK.
Yahoo
18-06-2025
- Business
- Yahoo
House prices, stamp duty and stress: costs blamed for 3 million cancelled home moves across UK
In advance of the Government's Spending Review on Wednesday 11 June, and the publication of its much-anticipated housing strategy, the HomeOwners Alliance has revealed that 3.3 million homeowners have cancelled plans to move in the past two years. More than 800,000 potential moves were delayed or ditched due to stamp duty costs alone, according to a survey by the property advice website. The most common reasons for changing plans were costs — with high house prices the most signifcant barrier cited by 35 per cent of homeowners. The average London home now costs £552,000, according to the Office of National Statistics, which is almost 14 times the average London salary. Stamp duty tax was also flagged by almost a quarter (24 per cent) of surveyed homeowners as their main reason for putting off moves. While often referred to as a tax on buyers in London and the South East, where property prices are higher, stamp duty tax, which is paid to the government on completion, still seems to be an issue that concerns people across the UK. For a family wanting to upsize to a home worth £400,000, stamp duty adds £10,000 to upfront costs and, in London, where the average property price is over £100,000 more, this figure is significantly higher. Stamp duty on the average London home (£552,000), for instance, equates to a bill of £17,600. 'Stamp duty is acting as a handbrake on the housing market,' says Paula Higgins, CEO of HomeOwners Alliance. 'When a family faces a £10,000 stamp duty bill just to move to a £400,000 home — before they've even paid for surveys, legal fees, and removal costs — it's no wonder a quarter of potential movers are staying put.' The HomeOwners Alliance believes scrapping stamp duty tax for everyone buying a home to live in would do a lot to spur people into purchasing their next property and resurrect the housing market, freeing up much-needed stock for families and downsizers. Also highlighted as a factor was the stress of moving in itself, with 35 per cent of respondents saying this was deterring them from moving forward with their plans. Last year, according to Quick Move Now, 31.3 per cent of property sales fell through prior to completion. Stricter mortgage criteria, problems thrown up during conveyancing and surveys, plus issues and delays in getting essential paperwork from freeholders, make the moving process fraught and a stress that many people choose to avoid — even if their current housing situation isn't ideal. What's more, 28 per cent of respondents said that moving costs were too high; when you're paying out large sums for solicitors, surveys and removal companies, this only adds to the pressure of the process. 'Making the home buying and selling process less of a Russian roulette game and more certain and streamlined would give people the confidence to move,' explains Higgins. Other issues flagged in the survey include a lack of motivation, with 27 per cent highlighting the shortage of suitable homes as a reason for them ditching future plans. This shortage was seen across the board, from families looking for larger houses with more bedrooms, to step-free homes for older people wanting to downsize, as well as affordable properties for first-time buyers getting a foot on the ladder. 'Our research reveals a housing market in crisis — not because people don't want to move, but because they simply can't afford to. With over 800,000 homeowners shelving their moving plans [due to stamp duty alone], we're seeing families trapped in unsuitable homes, unable to upsize for growing children or downsize as they age,' adds Higgins. 'While house prices are difficult to control, the government does have levers it can pull, and we hope to see this reflected in the Spending Review and the long-awaited housing strategy.' The HomeOwners Alliance research surveyed a nationally-representative sample of 2,000 UK adults.
Yahoo
21-05-2025
- Business
- Yahoo
Five charts that show why Britain's home ownership dream is dead
Aspiration for home ownership in Britain has fallen to its lowest level in a decade, a landmark survey shows. Research by the HomeOwners Alliance lobby group found concerns over soaring stamp duty bills, leasehold fears and difficulties with downsizing are the worst they have been since 2015. It means just two thirds (64pc) of would-be first-time buyers think owning a property is in reach, compared to 71pc last year. From the whittling away of government support to the postcode lottery of housing availability, Telegraph Money lays bare the death of Britain's homeownership dream in five charts. The drop in housing aspiration coincides with Labour's decision not to extend the first-time buyer stamp duty relief introduced by Liz Truss during her short premiership. Other government-backed schemes have either been scrapped or had their benefits stripped back. For example, the Help to Buy Isa previously allowed savers to put in £200 each month which the Government would then top up by 25pc (capped at £3,000) when they bought their first home. The scheme was closed to new applicants in November 2019. Meanwhile, the lifetime Isa (Lisa) allows savers to put in £4,000 each year which the Government will add a 25pc bonus to, up to a maximum of £1,000 per year. However, it can only be used towards properties that cost £450,000 or less. This threshold has remained frozen since it was introduced in 2017 despite years of house price growth. Rosie Hooper, financial planner at Quilter Cheviot, said: 'Younger people's hopes of getting on the housing ladder have been quietly chipped away as government support has faded. 'What we're left with is a generation facing record house prices, high interest rates and far less support than those who came before them.' Over-60s control more than half of all housing wealth in Britain, accounting for some £2.89 trillion in bricks and mortar. However, those wishing to downsize – and free up property for younger families – find there are scant homes into which they can move. The National House-Building Council warned in 2023 that bungalows were 'on the critically endangered list' as developers prioritised squeezing more properties on to plots of land. Lucian Cook, of estate agent Savills, said the blockades on downsizing were preventing younger generations 'trading up the housing ladder.' He added: 'Despite many older homeowners holding on to properties that are too big for their needs, there is little incentive for them to move during their lifetime.' Savills research shows boomers made up 44p of homeowners but just 18.5pc of buyers last years. It means just one in 57 moved homes. The proportion of people concerned about the leasehold system rose by 22 percentage points to 64pc – the largest increase noted in the survey. Despite Government pledges to reform the system, leaseholders remain trapped in homes they cannot sell due to rapidly rising ground rents and uncapped service charges. Katie Kendrick, of the National Leasehold Campaign Group, said: 'Leasehold has become one of the main reasons for broken chains in the buying and selling process, with leasehold sales taking much longer to complete. Every day in the National Leasehold Campaign, we have reports of sales falling through. It's heartbreaking.' Timothy Douglas, of estate agent trade body Propertymark, said buyers were more aware of issues with leasehold properties thanks to 'education, legislation and news surrounding the subject'. It is up there with Britain's most hated taxes. So it's little surprise stamp duty topped the list of concerns noted by the HomeOwners Alliance survey. Almost two thirds of respondents said they were worried about stamp duty costs, compared to half in 2018. Analysis by estate agency platform Alto found that 41pc of estate agents has seen a drop in first-time buyer registrations, while 18pc recorded a fall in viewings. One agent told the company: 'The stamp duty shake-up was the final straw. It tipped already stretched buyers over the edge.' The tax threshold was lifted by the Conservatives in 2022, but reverted to its previous lower level in April. The average first-time buyer now needs to scrape together thousands of pounds in addition to a house deposit. Alice Haine, of investment platform Bestinvest, said: 'For some aspiring homeowners, that jump in costs may prove to be a step too far. When you consider that rental rates have also increased sharply, it has become harder and harder for aspiring homeowners to set aside the amount they need to secure a home.' The HomeOwners Alliance survey found that housing worries were more acute in Wales than in any other region. Nine in 10 respondents were concerned about first-time buyers' ability to get on the housing ladder in Wales, compared to 76pc in the north of England. Welsh respondents were also far more worried about stamp duty rates and negative equity than anywhere else in Britain. Katherine Binns, of the HomeOwners Alliance, said: 'In Wales, higher concern around negative equity points to fragility in the market and a growing sense that homeownership is becoming less secure or attainable.' By contrast, the leasehold and freehold system was mentioned as a serious issue by 70pc of respondents in the South, compared to 60pc in Scotland. However, Scottish respondents were more likely to report low housing availability than those in any other region. Ms Binns added: 'Major cities like Edinburgh and Glasgow have declared housing emergencies due to severe shortages of affordable housing, escalating private rents and increasing homelessness. 'Given the South and South East's higher proportion of flats, it's no surprise that many buyers find themselves in a Catch-22: a flat may be the affordable option, but they're reluctant to purchase a leasehold with all its complexities and costs. Residents are more exposed to challenges like escalating ground rents and complex service charges, making leasehold reform a pressing regional issue.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Telegraph
21-05-2025
- Business
- Telegraph
Five charts that show why Britain's home ownership dream is dead
Aspiration for home ownership in Britain has fallen to its lowest level in a decade, a landmark survey shows. Research by the HomeOwners Alliance lobby group found concerns over soaring stamp duty bills, leasehold fears and difficulties with downsizing are the worst they have been since 2015. It means just two thirds (64pc) of would-be first-time buyers think owning a property is in reach, compared to 71pc last year. From the whittling away of government support to the postcode lottery of housing availability, Telegraph Money lays bare the death of Britain's homeownership dream in five charts. One: Government support has been whittled away The drop in housing aspiration coincides with Labour's decision not to extend the first-time buyer stamp duty relief introduced by Liz Truss during her short premiership. Other government-backed schemes have either been scrapped or had their benefits stripped back. For example, the Help to Buy Isa previously allowed savers to put in £200 each month which the Government would then top up by 25pc (capped at £3,000) when they bought their first home. The scheme was closed to new applicants in November 2019. Meanwhile, the lifetime Isa (Lisa) allows savers to put in £4,000 each year which the Government will add a 25pc bonus to, up to a maximum of £1,000 per year. However, it can only be used towards properties that cost £450,000 or less. This threshold has remained frozen since it was introduced in 2017 despite years of house price growth. Rosie Hooper, financial planner at Quilter Cheviot, said: 'Younger people's hopes of getting on the housing ladder have been quietly chipped away as government support has faded. 'What we're left with is a generation facing record house prices, high interest rates and far less support than those who came before them.' Two: Downsizing is too difficult Over-60s control more than half of all housing wealth in Britain, accounting for some £2.89 trillion in bricks and mortar. However, those wishing to downsize – and free up property for younger families – find there are scant homes into which they can move. The National House-Building Council warned in 2023 that bungalows were ' on the critically endangered list ' as developers prioritised squeezing more properties on to plots of land. Lucian Cook, of estate agent Savills, said the blockades on downsizing were preventing younger generations 'trading up the housing ladder.' He added: 'Despite many older homeowners holding on to properties that are too big for their needs, there is little incentive for them to move during their lifetime.' Savills research shows boomers made up 44p of homeowners but just 18.5pc of buyers last years. It means just one in 57 moved homes. Three: Leasehold is collapsing The proportion of people concerned about the leasehold system rose by 22 percentage points to 64pc – the largest increase noted in the survey. Despite Government pledges to reform the system, leaseholders remain trapped in homes they cannot sell due to rapidly rising ground rents and uncapped service charges. Katie Kendrick, of the National Leasehold Campaign Group, said: ' Leasehold has become one of the main reasons for broken chains in the buying and selling process, with leasehold sales taking much longer to complete. Every day in the National Leasehold Campaign, we have reports of sales falling through. It's heartbreaking.' Timothy Douglas, of estate agent trade body Propertymark, said buyers were more aware of issues with leasehold properties thanks to 'education, legislation and news surrounding the subject'. Four: Stamp duty bills are too high It is up there with Britain's most hated taxes. So it's little surprise stamp duty topped the list of concerns noted by the HomeOwners Alliance survey. Almost two thirds of respondents said they were worried about stamp duty costs, compared to half in 2018. Analysis by estate agency platform Alto found that 41pc of estate agents has seen a drop in first-time buyer registrations, while 18pc recorded a fall in viewings. One agent told the company: 'The stamp duty shake-up was the final straw. It tipped already stretched buyers over the edge.' The tax threshold was lifted by the Conservatives in 2022, but reverted to its previous lower level in April. The average first-time buyer now needs to scrape together thousands of pounds in addition to a house deposit. Alice Haine, of investment platform Bestinvest, said: 'For some aspiring homeowners, that jump in costs may prove to be a step too far. When you consider that rental rates have also increased sharply, it has become harder and harder for aspiring homeowners to set aside the amount they need to secure a home.' Five: Availability is a postcode lottery The HomeOwners Alliance survey found that housing worries were more acute in Wales than in any other region. Nine in 10 respondents were concerned about first-time buyers' ability to get on the housing ladder in Wales, compared to 76pc in the north of England. Welsh respondents were also far more worried about stamp duty rates and negative equity than anywhere else in Britain. Katherine Binns, of the HomeOwners Alliance, said: 'In Wales, higher concern around negative equity points to fragility in the market and a growing sense that homeownership is becoming less secure or attainable.' By contrast, the leasehold and freehold system was mentioned as a serious issue by 70pc of respondents in the South, compared to 60pc in Scotland. However, Scottish respondents were more likely to report low housing availability than those in any other region. Ms Binns added: 'Major cities like Edinburgh and Glasgow have declared housing emergencies due to severe shortages of affordable housing, escalating private rents and increasing homelessness. 'Given the South and South East's higher proportion of flats, it's no surprise that many buyers find themselves in a Catch-22: a flat may be the affordable option, but they're reluctant to purchase a leasehold with all its complexities and costs. Residents are more exposed to challenges like escalating ground rents and complex service charges, making leasehold reform a pressing regional issue.'
Scotsman
20-05-2025
- General
- Scotsman
Call for action as survey reveals 35% of homes with spray foam have defect
Homeowners in Scotland are being urged to be vigilant to issues surrounding spray foam insulation. From gorgeous Georgian town houses to jaw-dropping penthouses, converted campervans to bargain boltholes. Take a peek at the finest homes across the UK. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... The move comes as a national survey conducted by national trade body the Property Care Association (PCA) has found that 35% of homes fitted with spray foam insulation had one or more defects as a result. In 27% of cases, this included recommendations to replace the insulation in the roof or replace the roof altogether. Advertisement Hide Ad Advertisement Hide Ad The problems and costs involved are so significant that PCA has joined with the HomeOwners Alliance to reiterate calls for action from the government in a second letter to Miatta Fahnbulleh MP, Minister for Energy Consumers and Rushanara Ali MP, Parliamentary Under Secretary (Housing, Communities and Local Government). Chief Executive of the HomeOwners Alliance, Paula Higgins Sarah Garry is Chief Executive at the PCA. She said: 'Our survey of spray foam surveyors is, as far as we know, the only type of independent questioning on this topic to have happened in the UK to date. 'The results show that surveyors identified one or more divergence from the Sprayed Foam Inspection Protocol in 79% of properties and that surveyors identified one or more defect in 35% of properties as a result of spray foam. 'In 27% of cases, surveyors recommended major works, either replacing the insulation or re-roofing the property. Advertisement Hide Ad Advertisement Hide Ad 'We are calling on the government to step in and help homeowners, including those in the Scotland area, who might find themselves in a position where they are stuck and unable to sell, are unable to access equity release products, are faced with hefty remediation bills for removal or are being targeted by unscrupulous spray foam removal firms. Sarah Garry, Chief Executive at the PCA 'Many of these homeowners are elderly and vulnerable and the reality is that the situation is getting worse, not better.' The PCA helped author the Sprayed Foam Protocol alongside mortgage lenders and equity release companies and last year launched a register of surveyors, giving residents and lenders assurance that surveyors are adequately trained. Earlier this year, the PCA, alongside a group of industry stakeholders, also published a guide for consumers who already have spray foam installed in their property, setting out concerns and signposting to advice. Advertisement Hide Ad Advertisement Hide Ad Of the 21 companies included on the register of spray foam surveyors, 15 shared findings based on more than 500 property inspections carried out since the register was introduced in January 2024. In the UK around 250,000 homes have spray foam insulation which, if incorrectly installed, can lead to condensation build-up, potentially causing timber rot or decay, mould and mildew growth or rust and corrosion to metal components. Previously, the HomeOwners Alliance issued a warning to homeowners to avoid installing spray foam for the time being. Chief Executive of the HomeOwners Alliance, Paula Higgins said: 'The current position is unfair to homeowners who have taken reasonable steps, and in many cases were encouraged by government grants, to install the product. Advertisement Hide Ad Advertisement Hide Ad 'At the moment it's not known how many of the properties referred to in the survey had spray foam installed with support of government grants. 'We will support the PCA and Trustmark to identify these properties and continue to press government for recourse to be available to them. 'In the meantime, our concern is that people are being targeted by cold callers offering to remove spray foam insulation. 'It is likely that they have acquired details illegally and we urge householders not to engage with them and report the situation to their local trading standards office with concerns.' Advertisement Hide Ad Advertisement Hide Ad Sarah Garry added: 'We continue to ask the government to bring together a roundtable of specialist property experts, lenders and equity release companies, to agree whether spray foam should continue to be included within government grants and to agree a process to allow the sale of property with retrofitted spray foam.'
