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Over a third of prospective first time buyers want empty homes addressed in the budget

POSTED: 26th October 2018
IN: Newsroom
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  • In addition, a third (33%) of prospective first time buyers want the Help to Buy scheme extended to all property types
  • Almost a third (29%) of the UK believes a Rent to Buy scheme would provide much needed support for first time buyers

As the Chancellor, Phillip Hammond, prepares to deliver his Budget on Monday, research1 from Aldermore, the specialist bank, has revealed the measures prospective first time buyers want put in place to support them reaching the housing ladder. Over a third (34%) of those looking to buy their first home want the government to introduce policies to reduce the number of empty homes across the UK. This is closely followed by a third (33%) who want the Help to Buy scheme extended to all property types, not just new-builds.

Other measures that prospective first time buyers want to see in Monday’s Budget include:

Suggested measures

% of respondents

Introduce policies to reduce the number of empty homes

34%

Extend Help to Buy to all types of property

33%

Introduce a Rent to Buy scheme

27%

Incentivise landlords to sell to long-term tenants

27%

Abolish stamp duty in favour of a different type of property tax

19%


Respondents across the UK also echo the view of prospective first time buyers, with over a third (37%) wanting the Government to introduce policies to reduce the number of empty homes. This is closely followed by three in 10 (29%) who want the Chancellor to introduce a Rent to Buy scheme, by which private landlords could be incentivised to sell properties to long-standing tenants without having to pay Capital Gains Tax.

Damian Thompson, Director of Mortgages, Aldermore said: “There is no doubt first time buyers are facing an uphill battle to get on the housing ladder and they believe more needs to be done by the Government to improve their chances of getting the keys to their first home. Abolishing stamp duty for first time buyers in last year’s Budget was a promising move, but underlying challenges, such as affordability and supply shortages, remain.

“In 2017, more than 200,000 homes in England sat empty for more than 6 months, according to government figures. Getting these houses back on the market to help ease the shortfall of housing supply and provide more choice to first-time buyers has proved a popular idea among would-be buyers. We think the suggested measures highlighted in our research can provide the Government with food for thought, and we hope to see housing feature at the top of the agenda on Monday.”

ENDS

1The figures are sourced from a nationally representative survey conducted by Opinium Research with a sample of 2,004 online interviews with UK adults, from 19th to 22nd October 2018.

Prospective first time buyers are those looking to buy their first home in the next five years

Notes to editors

For further information, journalists can contact:                                           

Gareth Hill, Press Office – Mortgages, Aldermore
Mobile:          07721 127514
Email:            gareth.hill@aldermore.co.uk

Lansons
Phone:          0207 294 3631
Email:            Aldermoreb2c@lansons.com

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

 

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