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Nearly half of potential first-time buyers think general election will increase buying chances

Nearly half of potential first-time buyers think general election will increase buying chances
Anna Sagar
Written By:
Anna Sagar
Posted:
02/07/2024
Updated:
02/07/2024

Around 46% of aspiring first-time buyers believe the upcoming general election will improve their buying prospects, a report has found.

According to Aldermore, which surveyed around 2,000 potential first-time buyers, around 17% of those surveyed actively disagreed with the statement that the election will improve first-time buyers’ chances, and 33% neither agreed or disagreed.

Around three-quarters of those potential first-time buyers said that they thought that the Government and the mortgage industry need to be “more creative” and bring out new incentives and legislation to help people buy.

The general election was called around six weeks ago by Prime Minister Rishi Sunak, with housing playing a key role in most parties’ manifestos.

The Conservatives pledged to make the temporary change to first-time buyer stamp duty relief performance, bring out a new Help to Buy scheme, offer capital gains tax relief to landlords if they sell to tenants, build 1.6 million homes and continue the mortgage guarantee scheme.

Labour’s pledges are similar, promising to build one-and-a-half million homes, embark on planning reform and increase the rate of stamp duty for non-residents. They also want to make the mortgage guarantee scheme permanent and give first-time buyers priority for properties.

Currently, Labour are on track to win a majority, with rises also expected for the Liberal Democrats, Green and Reform.

Jon Cooper, director of mortgages at Aldermore, said: “One point that most politicians can agree on is that homeownership has become an increasingly challenging goal for the majority of hopeful buyers. As voters (and particularly young people) head to the polls, homeownership will be front of mind.

“Hopefully this election will re-energise the conversation on how we can help more people onto the property ladder and show more first-time buyers that this goal is still possible.”