The research comes in advance of the publication of the initial findings of the Miles Review, commissioned by the Chancellor to analyse the key differences between UK and overseas housing markets.
Key points of Research:
* Nearly two-thirds (65%) felt that the government could do more to support first time buyers.
* Close to 9 in 10 (89%) believe that it is becoming increasingly difficult for first time buyers to get on the property ladder.
* A preference amongst consumers for loyalty based rewards if they had remained for a certain period with current mortgage provider.
* Well over half (54%) of those asked would consider switching to a fixed rate mortgage if the opportunity arose.
Figures show that the majority of people believe that government could do more in the way of shielding first time buyers and key workers from sky-high house prices. Eight in ten homeowners (81%) stated a preference for either government sponsored home loans or special tax breaks.
Iain Anderson, Chief Corporate Counsel at Cicero Consulting said:
"Perhaps the debate is no longer why the UK housing market is so different from Europe, but actually what can be done to make it more like Europe."
The investigation has also displayed UK homebuyers growing appetite for fixed rate mortgages. When asked to respond over a preference between a variable rate option or a fixed, 54 % stipulated the latter. A significant proportion of respondents also suggested that they would stick with current mortgage providers if they were rewarded for their loyalty.
Robin Horsfield, Director of Brahm Research commented:
"The research reveals some of the unique cultural facets of the UK housing market. A staggering 86% said that they see the purchase of property as a priority. Whilst another 38% said they would consider some form of equity release policy in the future."
This research comes at a critical time for the UK housing market with the Treasury sponsored Miles Review set to be published later this month.
Commenting on the research, Iain Cornish, Chief Executive of the Yorkshire Building Society stated:
"This research provides a valuable contribution to the debate about fixed rate mortgages. The Yorkshire Building Society is looking forward to working with government to implement the findings of the Miles Review. We believe this research shows there is a significant demand for long term fixed rate mortgages but only if the government looks into meaningful fiscal incentives for consumers."
For more information and a downloadable copy of the report go to www.cicero-europe.com
