From Stamp Duty Reform to Greener Homes: The Nation’s Housing Wishlist

Before the election, property experts Rightmove carried out a survey to ascertain what this new government’s priorities should be when it comes to housing. Here is a roundup of what the nation is hoping for.

Let’s Speed up housebuilding

One of the key recommendations to address the current housing challenges is to improve the housebuilding process. Since 2019, buyer demand has surged by 15%, but the availability of homes has not kept pace, with supply actually decreasing by 6% compared to pre-pandemic levels. The rental market is facing similar issues, with tenant demand rising by 32% since 2019, while the supply of rented homes has plummeted by 38%. This imbalance has led to higher asking prices and increased rents. To address these issues, Rightmove’s property expert Tim Bannister emphasizes the need for smoother planning processes. By streamlining these procedures, we can enhance the delivery of new homes and work towards more affordable housing solutions.

Help for first-time buyers

Prioritise providing better support for first-time buyers (FTBs). With the average age of first-time buyers (FTBs) rising, it’s increasingly difficult to enter the property market.
According to Rightmove’s Matt Smith, the government needs to collaborate with regulators and lenders to develop effective mortgage solutions. Key steps could include:
•    Creating more varied and accessible mortgage products.
•    Offering targeted assistance to help to get best mortgage deals for first time buyers.

Reform Stamp Duty

Calls for Stamp Duty reform are growing louder. Currently, FTBs in England and Northern Ireland are exempt from Stamp Duty on homes up to £425,000, a measure that will end in April 2025. However, this exemption is less beneficial in areas like London, where house prices far exceed this threshold. Tim Bannister suggests, “With such regional differences in property prices, increasing Stamp Duty thresholds in line with these regional variations would seem a logical first step for reform.”

Encouraging Greener Homes

Government’s desire to offer incentives for making homes greener. Following Rishi Sunak’s announcement that private rented properties no longer need to meet the minimum EPC rating of C, many landlords have paused their energy efficiency improvements. Rightmove emphasizes the need for easier access to schemes that support green upgrades, noting that upfront costs and varying home needs are significant barriers to change.

We’re here for you
As the UK settles into the new government, we are here to help you to get a mortgage for first-time buyers in UK.

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