Rightmove comment and data in reaction to mortgage guarantee scheme + stamp duty

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Rightmove comments on Labour’s proposed mortgage guarantee scheme and the Chancellor’s comments on Stamp Duty.

 

Tim Bannister, Rightmove’s property expert said: ‘We welcome policies and innovations which are trying to help more first-time buyers onto the ladder. However we know from our own research that policies like the mortgage guarantee scheme have limitations, and are only able to help a very small pool of future first time buyers that fit specific requirements. One of the biggest barriers for first time buyers is being able to borrow enough from a lender, which a mortgage guarantee scheme doesn’t address.”

 

Matt Smith, Rightmove’s mortgage expert said: ‘We think there is a greater opportunity for the next government to review the mortgage affordability criteria in a responsible way. Longer-term solutions need to be prioritised over short-term fixes to help more first-time buyers to get onto the ladder, especially those who are trying to buy on their own. Whilst continuation of this kind of support, and making it attractive to lenders to offer it is helpful, it should be the first step amongst many in helping first-time buyers.”

 

Mortgage Guarantee Scheme

 

Region Percentage of homes available to two buyers on an average salary, with a 5% deposit Average first-time buyer asking price 5% deposit needed for average first-time buyer home
East Midlands 58% £192,150 £9,607
East of England 41% £273,517 £13,676
Great Britain 69% £228,003 £11,400
London 24% £507,508 £25,375
North East 75% £132,060 £6,603
North West 62% £173,299 £8,665
Scotland 76% £141,069 £7,053
South East 35% £296,986 £14,849
South West 37% £258,296 £12,915
Wales 58% £187,797 £9,390
West Midlands 55% £194,292 £9,715
Yorkshire and The Humber 66% £174,638 £8,732

 

Stamp Duty

 

  • The average stamp duty that a home-mover (not a first-time buyer) pays is currently £6,256 (based on the average asking price of £375,131)
  • 28% of homes on the market are currently exempt from stamp duty for all home-movers (excluding second homes, anything £250,000 or below)
  • 62% of homes on the market are currently exempt from stamp duty for first-time buyers (anything £425,000 or below)
  • The percentage of properties that are on the market by the current different stamp duty bands are all follows:
    • £250,000 and below – 28% of properties
    • £250,001 to £925,000 – 63% of properties
    • £925,000 – £1.5 million – 5% of properties
    • Anything above £1.5 million – 3% of properties

Rightmove

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

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