Temporary stamp duty cut would encourage first-time buyers to move
Three in 10 (30%) prospective first-time buyers would accelerate their plans to buy a home if stamp duty was temporarily reduced, according to research by Aldermore.
Over two fifths (41%) of the nation also support the creation of more social housing in the research.
Charles McDowell (pictured), commercial director, mortgages at Aldermore, said: “With the property market at risk of coming to a standstill, we would welcome any plans, temporary or otherwise, that reduce stamp duty.
“A reduction in stamp duty would be particularly beneficial for first buyers who are struggling with an overly complex and costly system.
“It is clear from the findings that the nation believes more needs to be done by the government to improve the housing market.
“There are a number of measures the government can implement to improve the current situation, and we want to see housing at the top of its agenda in next week’s Budget.”
Over half (51%) of the prospective first-time buyers believe extending the Help to Buy scheme will improve the state of the UK housing market.
If stamp duty was cut for a temporary period, 22% of homebuyers would consider moving home even if they had not been planning to do so beforehand, while one in six (15%) longer-term homeowners would be incentivised to move property if this proposal was implemented.
Two in five (41%) want to see more social housing built in the upcoming Budget, while 39% believe a stamp duty freeze for the first-time buyers would help the market.