Rightmove survey reveals property issues facing the new UK Government

Stamp Duty Reform

Changes to Stamp Duty were the top choice of homeowners and estate agents, with the tax proving to be a barrier to home buying.

Since 2022, first-time buyers have been exempt from Stamp Duty on properties up to £425,000. With this relief ending next April, we would echo Rightmove’s recommendation it should be made permanent. Basing Stamp Duty relief on regional prices could be hugely beneficial to those trying to step onto the property ladder, with the bonus of creating more activity in the market.

Streamline Home-Buying

Whilst 95% of those planning to move stated the election would have no impact on their plans, the second most popular proposal amongst homeowners was to make home-buying procedures simpler.

Less complications would speed up the process, enabling buyers and sellers to move on. With the added momentum this would create in the property industry, this could also be an advantage to the economy.

Better Incentives for Greener Homes

Enhanced incentives to make homes greener were popular with homeowners and tenants. With cost barriers and a lack of awareness among homeowners about what green improvements could be made, new UK Government schemes would mean making upgrades was more realistic.

Support for First-Time Buyers

The top priority for the renters surveyed was more support for first-time buyers. Many first-time buyers find it challenging to save for a deposit and secure a mortgage, so it is likely a review of mortgage affordability criteria could help. Longer mortgage terms and innovative fixed-rate options could also provide more stability to first-time buyers.

More New Homes

Rightmove describes a rising demand and decreasing supply for both sales and rental properties since 2019. Buyer demand is up by 15%, with available homes decreased by 6%, whilst for renters, demand has soared by 32%, with available properties dropping by 38%. The imbalance has led to a rise in asking prices and rents.

Smoother planning processes could be the answer, helping to boost the housing supply. This would benefit first-time buyers and also help downsizers find greener homes with lower running costs.

We think you’ll agree, in aiming to improve the lives of their constituents, these factors are well-worth consideration to the new UK Government. With the added boost the property industry changes could create, there would also be a positive impact on the economy.

If you are a homeowner with questions about the local housing market, please feel free to reach out to your nearest branch.

Source:

General election: four changes we think could help home-movers | Property news (rightmove.co.uk)