More than a third of property professionals want to see the reintroduction of Help to Buy, or a similar government-backed scheme, in next month’s Budget to help first-time buyers and boost the new build sector.
Thirty-five per cent of respondents backed this move in a webinar poll of over 300 lenders, brokers, surveyors, and others conducted by Countrywide Surveying Services earlier this month.
Another 22% sought a stamp duty holiday/reduction when asked what they most wanted to see in Chancellor Jeremy Hunt’s 6 March Budget.
Other responses saw 17% opt for an inheritance tax cut, 16% chose stamp duty changes for downsizers and 10% elected for additional landlord support.
However, critics of the government’s long-running Help to Buy scheme, which last ended last March, say it benefitted housebuilders and served to create a housing bubble by inflating prices for new homes.
The poll also asked professionals about the prospects of the housing market in 2024 and saw 41% say that there is “cause for optimism”, and the same proportion saying that there is “possibly cause for optimism”
Another 13% said they were “unsure” about the marketplace, while 5% said there was “probably not any cause for optimism”.
Finally, the survey focused on the general election, widely expected this year, and the potential impact a Labour victory would have on housing priorities.
An increased supply of social housing topped this poll with 43% of the votes, followed by improved planning processes in local government to increase housing supply said 13% of those asked.
Improving conditions for first-time buyers and increased tenant protection in terms of no-fault evictions both took 11% of the votes.
The options of preventing tenants from living in sub-standard accommodation and making more empty properties available to live in both received 10% of the responses, with the removal of section 21 coming in at 2%.
Countrywide Surveying Services director of technical services Martyn Stones says: “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 FTBs 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.”
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