Property professionals advise budget help for first-time homebuyers

February 24, 2024 by Alan

Advice & Tips

A new survey of professionals within the property sector has found that more than one third of them think that measures to help first-time homebuyers and support new builds should be included in the budget.

Countrywide Surveying Services conducted this poll and it spoke to professionals such as surveyors, mortgage advisors and lenders. One of the key questions that it put to them asked what measures they wanted the Chancellor to announce as part of next month’s budget. In response, 35% stated that the return of the Help to Buy policy or another initiative to help those trying to buy their first home should be the priority.

Martyn Stones from Countrywide Surveying Services said that this showed a desire within the industry for first-time buyers to be supported and for issues with the lack of housing supply to be tackled.

A further 22% of the professionals that took part in the survey stated that they would like to see a cut in stamp duty charges or a revival of the ‘holiday’ policy. 17% indicated that reducing inheritance tax would be their main priority, while 16% said it should be changing the stamp duty rules for people switching to smaller homes. Help for those who have buy-to-let properties was proposed by 10%.

Stones added that everyone within the industry would be watching the budget closely to see if any of these ideas are adopted.

Advisors with CeMAP training will certainly be hoping to see some help for first-time homebuyers included within the budget.