We know that most people (95%) planning to move this year say the upcoming general election won’t affect their plans. However, there are key issues that homeowners agree on, which they would like to see change.
Based on research of home movers opinions , the key priorities that the next government should tackle include:
1. Incentives for homeowners who are downsizing. There is a demand for homeowners wanting newer build properties with lower outgoings. If the government worked with new home developers to introduce more incentives to down-sizers, then this would be a welcome opportunity.
2. Help for first-time buyers and mortgage incentive schemes to help people afford to move. If first time buyers were able to have longer term mortgages, then this would help with budgeting and affordability. Longer fixed rate mortgages would also help buyers to know what their monthly outgoings are going to be. New build incentive schemes with government collaboration would also aid first time buyers to get on the property ladder.
3. A review of stamp duty costs. The biggest change that home-owners and agents would like the government to introduce is a reform of the stamp duty system.The barrier that stamp duty presents, especially in higher-priced locations, could be preventing thousands of people from moving.Since 2022, first-time buyers in England and Northern Ireland have been exempt from paying stamp duty on properties priced up to £425,000. However, this relief is due to end in April next year. the next government should make the current changes to first-time buyer stamp duty charges in England and Northern Ireland permanent. But there’s also a bigger opportunity to reform stamp duty to encourage more movement up and down the property ladder. With such regional differences in property prices, increasing stamp duty thresholds in line with these regional differences would seem a logical first step for stamp duty reform. In London, only 4% of homes for sale are exempt from the current stamp duty charges for all buyers, compared to 71% in the North East. Home-owners also need better and easier access to schemes that enable them to make green improvements, with the recognition that each home requires different improvements, and that currently the upfront costs are a big barrier to change.
4. Greater incentives to reduce the costs of making homes greener. Home-owners also need better and easier access to schemes that enable them to make green improvements, with the recognition that each home requires different improvements, and that currently the upfront costs are a big barrier to change.
5. Faster sales transactions from agreement to completion. It is currently taking an average of more than seven months from when someone puts their home up for sale until they move. This long timeframe, with no improvement, means that homeowners have to navigate a complex and frustrating process, where the legal process is arguably more regulated than ever. There is a growing consensus that the government should work more closely with the property industry in order to prioritise a faster easier system, so that sales are smoother and less stressful. A quick fix is fair enough, but permanent solutions are what people want.