Over a third of property professionals would like to see the reintroduction of Help to Buy or some government-led initiative announced in the upcoming Budget to help boost the new build sector and first-time buyer marketplace.
A webinar poll undertaken by Countrywide Surveying Services (CSS), asked ‘What do you most want to see from the Chancellor in March’s Budget?’, 35% replied with Help to Buy or something to support new build and first-time buyers.
In terms of other responses, 22% sought a stamp duty holiday/reduction, 17% opted for an inheritance tax cut, 16% chose stamp duty changes for downsizers and 10% elected for additional landlord support.
Martyn Stones, director of technical services at Countrywide Surveying Services, said: “It’s clear from these results that the industry is looking for the Government to generate some additional assistance when it comes to opening the doors for more first-time buyers and in helping to bridge the gaping supply gap which continues to widen, especially from an affordability perspective. And I’m sure this applies to whichever party happens to be in power.
“The upcoming budget has the potential to have a major influence on the housing and mortgage markets and it will be interesting to see what, if any, of the highlighted measures come into effect and their short, medium or longer-term impact.”
The poll also focused on the General Election, the potential impact of a Labour victory and, if this were to happen, what the party’s housing-related priority might be.
Topping the responses for this question was the increased supply of social housing with 43% of the votes.
This was followed by improved planning processes in local government to increase housing supply (13%), with making it viable for more first-time buyers to own their first home, and increased tenant protection in terms of no-fault evictions, both generating 11% of the responses.