Rightmove reaction to this morning’s housing policies

June 11, 2024
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In response to this morning’s proposed housing pledges, Tim Bannister, Rightmove’s property expert said: “It’s good to see housing get more focus and attention. Some of the proposals announced this morning sound like a start, but there’s still scope to go further in helping the majority of first-time buyers or removing barriers to movement.

“Stamp duty reform is the number one change that home-owners and estate agents would like the next government to introduce, so it’s good that it’s being addressed. However, keeping the existing thresholds for first-time buyers is the minimum we would hope for, and an election would seem an ideal opportunity for greater change. The headline proposals don’t appear to support people looking to downsize, or address the significant regional differences in property prices, and therefore stamp duty.

“More support for first-time buyers is the most requested priority for the next government by renters, so a new policy designed to help people to get onto the ladder would be welcome in the short term. However, the focus should be on long-term solutions in addition to short-term support, and any new policy needs to consider the potential knock-on effects of that policy on the wider housing market.

“It’s an interesting area to consider how renters may be supported in purchasing the home that they live in from their landlord, in the event that they wish to sell. One barrier to this is that many renters live in properties that they would be unable to afford to purchase, as the typical affordability criteria to rent a property can be more accessible than the requirements to buy.”

Rightmove

UK Property news updates shared directly from Rightmove PLC - the country's leading property portal.

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