A recent study conducted by Aldermore has revealed that only 46% of potential first-time homebuyers in the United Kingdom believe that the upcoming general election will enhance their chances of purchasing a property.A recent study conducted by Aldermore has revealed that only 46% of potential first-time homebuyers in the United Kingdom believe that the upcoming general election will enhance their chances of purchasing a property. With the election swiftly approaching, political parties have released their manifestos outlining their respective plans for the housing market. The Labour Party intends to extend the existing mortgage guarantee scheme and construct 1.5 million new homes in the upcoming parliamentary term. The Conservative Party, on the other hand, proposes to eliminate stamp duty on properties valued up to £425,000 and implement a new Help to Buy program. Additionally, the Conservatives have pledged to build 1.6 million homes. In response to these campaign promises, a significant 73% of potential first-time buyers expressed their belief that the government and the mortgage industry must demonstrate greater creativity in developing new incentives and enacting legislation to assist individuals in purchasing homes. Jon Cooper, Aldermore’s mortgage director, remarked, “One issue on which most politicians can find common ground is that homeownership has evolved into an increasingly difficult objective for the vast majority of prospective purchasers.” He further stated, “As voters, particularly younger voters, go to the polls, acquiring a home will be a primary topic of discussion. We are hopeful that this election will reinvigorate the debate on how we can assist more individuals in gaining access to the property ladder and persuade more first-time buyers that this objective is still attainable.”
Research from Aldermore shows that less than half (46%) of potential first-time buyers believe the upcoming general election will improve their purchasing chances.
According to their election manifestos, Labour plans to extend the mortgage guarantee scheme and build 1.5 million homes in the next parliament, while the Conservatives hope to abolish stamp duty up to £425,000 and introduce a new Help to Buy scheme, alongside their own pledge to build 1.6 million homes.
In light of these promises, 73% of potential first-time buyers said the government and mortgage industry need to be more creative in introducing new incentives and legislation to help people buy.
Jon Cooper, mortgage director at Aldermore, said: “One point most politicians can agree on is that owning a home has become an increasingly challenging goal for the majority of potential buyers.
“As voters (particularly young people) head to the polls, buying a home will be a key focus.
“Hopefully this election will reinvigorate the conversation about how we can help more people onto the property ladder and show more first-time buyers that this goal is still possible.”
