Aldermore reacts to the Chancellor's Budget - Abolishing Stamp Duty for First Time Buyers

POSTED: 22nd November 2017
IN: Newsroom

Charles McDowell, Aldermore’s Commercial Director, Mortgages, says: “We are pleased to see housing top of the agenda today, in particular the bold measure to abolish stamp duty for first time buyers on properties up to £300,000 and for the first £300,000 on properties up to £500,000. This is very positive news for this segment of the market, who for too long have struggled with an overly complex and costly system. In fact, our recent research1 revealed that nearly four in 10 (39%) people believe a stamp duty freeze would help reignite a stagnating housing market, while three in 10 (30%) prospective first time buyers said they would accelerate their plans to buy a home if it was temporarily reduced.

“However, this change could be perceived as nothing more than a sticking plaster. The underlying issue remains that more affordable homes need to be built in the right places. The Government has promised the creation of 300,000 houses a year, this needs to be acted on. House building targets have been made and missed for quite some time. It begs the question: what is going to be different this time round? We look forward to seeing detailed plans as it’s extremely important the Government focuses on building the right housing, in the right places, supported by the right infrastructure, with  SME house builders leading the charge.”


For further information, journalists can contact:
Rachael Snelling, Aldermore
Phone:          0208 1853 102

Rozie Green, Lansons
Phone:          0207 566 9724

Notes to Editors:

12004 online interviews with UK adults (aged 18+) were conducted by Opinium Research from 3 to 7 November 2017 with a sample of 1071 homeowners (bought their home 4 or more years ago), 201 recent buyers (bought their home within the last 3 years) and 212 prospective first time buyers.

For further information about Aldermore, please review our Notes to Editors page

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