Almost half of first-time buyers have delayed plans to purchase a home until after the Autumn Budget but it’s not a temporary stamp duty cut they’re waiting for.
New research from eXp UK found that 47% of aspiring homeowners are holding off due to uncertainty around potential housing and tax policy changes, with the majority hoping for meaningful, long-term reforms to improve affordability rather than short-term political giveaways.
The study shows that the biggest barrier to homeownership remains the cost of saving for a deposit, cited by 41% of respondents – far outstripping any concerns about stamp duty.
A further 21% pointed to the lack of government support schemes for first-time buyers, while 19% said the shortage of suitable homes within budget was the key issue.
NEW HOMEBUYING SCHEMES
Only 6% said upfront costs such as stamp duty were the main obstacle.
The survey also revealed that 48% of first-time buyers want to see new or expanded government schemes such as Help to Buy or the Mortgage Guarantee Scheme, compared with just 26% who favoured a stamp duty cut.
One in three said boosting housing supply and affordability should be the government’s top priority in the Budget, while 23% called for more help with monthly mortgage costs and another 23% urged ministers to avoid introducing new housing taxes.
LONG-TERM REFORM
Adam Day, Head of eXp UK and Europe, reckons that the findings show that younger buyers are focused on long-term reform rather than short-term incentives.
He says: “Despite standing at the starting line when it comes to the homeownership journey, the nation’s first-time buyers are showing a remarkably mature and long-term perspective
“They aren’t asking for giveaways or political point-scoring in the form of a stamp duty cut. Instead, they want meaningful reform that tackles the chronic shortage of affordable homes, the high cost of deposits and the need for practical mortgage support.”
