Is The Housing Market Broken?

The fact that there is so much focus on the housing market, and the ever-increasing rental market, in the UK these days indicates that there is a major problem with the housing market. There are obviously a lot of people who do very well out of the market, whether through their own individual ownership or through acting as a landlord or investor, but for many more people, the housing market is scary, foreboding, and something that provides them with no real benefit or support at all. In fact, there are lots of people who will tell you that the housing market situation in the United Kingdom these days gives them no hope and that is one of the biggest concerns that the nation must have these days.

This is why there has been a great deal of interest and focus on the new housing strategy that has been lined up by the Government. The Housing Minister Gavin Barwell said that there would be a review of the minimum tenancies available and that a greater number of properties would be built for rental purposes. These are certainly the soundbites that people are looking for but sadly, many people are dismissing them as soundbites and not as something that people believe will come to fruition. There has been a great number of promises made about affordable housing in recent years and there is no way that the Government is anywhere close to providing the number of homes that it said it would.

The Government is under fire

There has been criticism poured on the Government regarding its actions in the market and the Labour Leader Jeremy Corbyn has also criticized the rental market in the United Kingdom. Corbyn said that the UK rental market was “incapable of giving people the security they need” and this is one of the fundamental aspects of a home. Even when people cannot afford to buy their own home, there is an expectancy that even a rental home would provide security and a safe place to stay. When people don’t feel this way about a rental property and feel as though they have no chance of owning their own home, you have a nation of people that feel very disillusioned about life and what is on offer to them.

The Conservative party stated in their General Election Manifesto that “everyone who works hard should be able to own a home of their own”, which is quite a statement and certainly the sort of comment that people will buy into and appreciate. Most of us feel that we work very hard and therefore if we work hard, we will get our reward in turn. However, the challenges of the property market mean that a comment like this is just a glib soundbite and the millions of people who feel as though they have no chance of feeling settled or secure at home will tell you that they don’t agree with what has been put forward by the Government.

People are struggling to afford their rent

We are living in an era where, according to figures released by Shelter, the homeless charity, a sizable proportion of people who are currently employed are borrowing money to pay their rent. This isn’t people living beyond their means and frivolously wasting money, this is people who are working, claiming the benefits they are entitled to, and still finding that they cannot earn enough income to pay their monthly rent. It is not as if these people are staying in lavish and expensive homes that cost an awful lot of money, the homeless charity said that many of these people are living in poor areas but with the rising cost of rent, even homes in these areas have a high cost of living associated with them.

Of course, there are some methods of borrowing money that is better than others. Borrowing from a family member or taking out a guarantor loan, while being far from ideal, are certainly better options than taking out a payday loan or borrowing from money lenders. It is essential that people know what their options are and that they take the time to find a solution to their problems that don’t exacerbate their problems.

There are a lot of questions to be asked with respect to the housing market in the UK and a lot of people need answers very soon.

Andrew Reilly is a freelance writer with a focus on news stories and consumer-interest articles. He has been writing professionally for 9 years but has been writing for as long as he can care to remember. When Andrew isn’t sitting behind a laptop or researching a story, he will be found watching a gig or a game of football.

John Lee

John is a passionate blogger and author who writes on various topics. He is an animal lover and has one dog. He loves to read biographies and self-improvement books. His hobbies are photography, singing, and dancing.

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