London remains hotspot for housing concerns
08-29-2016
London is a "hotspot for housing concerns", with levels of concern about house prices, availability and quality of homes continuing to rise, according to Homeowners Alliance.
Its survey reveals that the capital also registers higher levels of concern than the UK overall for ability to get a mortgage, stamp duty rates, gazumping and the leasehold/freehold system.
88% of those surveyed said that house prices are a serious problem, up from 87% last year and 84% in 2014.
86% in London believe the availability of housing is a serious problem, up from 80% a year ago and 78% in 2014, while 60% say quality of housing is a serious problem, up from 55% a year ago.
Conversely, the North West of England and Scotland reported more positive housing markets generally.
The North West registered lower levels of concern than the UK overall on all previous factors, as well as the ability to repay a mortgage, move up the housing ladder, the homebuying and selling process and solicitor/conveyancing fees
In Scotland, respondents also had fewer concerns on the above factors, with stamp duty rates also seen as a less serious problem.
However in the North East of England, affordability issues are a greater worry than other regions.
Saving for a deposit, the ability to get a mortgage and being able to move up the property ladder are all of greater concern in the North East than the UK overall.
Negative equity is a particular concern in Northern Ireland where two thirds (66%) say it's is a serious problem compared with 44% in the UK overall.
Negative equity has lessened as an issue in the UK overall in recent years and, while, negative equity concerns have subsided since 2014 in Northern Ireland, they have not done so to the same extent as the rest of the UK.
Quality of housing concerns are greater in the North East (62%), Northern Ireland (62%), London (60%) and the East Midlands (59%), while concerns about the quality of homes have risen in each of these areas over the past year.