Buyers of homes under \u00a3500,000 should be given an 18-month stamp duty holiday to stimulate sales and investment, Aldermore has urged ahead of Wednesday\u2019s Autumn Budget.<\/p>\n
There was previously a stamp duty holiday in July 2020, which suspended stamp duty on properties up to \u00a3500,000 in a bid to stimulate the market during the covid-19 pandemic.<\/p>\n
Aldermore also called for the government to reinstate the Help to Buy Equity Loan, which it dubbed \u2018Help to Build\u2019, with a government-backed equity contribution of 20% for new builds when buyers contribute 5%.<\/p>\n
Danielle Soto, managing director for savings and business finance at Aldermore, said: \u201cFirst time buyers are equally in need of greater support\u2026 That\u2019s why we\u2019re calling for an 18-month Stamp Duty holiday for buyers of new homes under \u00a3500,000 \u2013 to stimulate sales, support first-time buyers and help smaller developers maintain cash flow.<\/p>\n
\u201cWe\u2019re also calling on the government to reinstate Help to Build with a government-backed equity contribution of 20% when buyers contribute 5%.<\/p>\n
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\u201cThis would enable smaller builders to re-enter the market and accelerate delivery of new homes, especially in regional areas where major housebuilders are less active.<\/p>\n
\u201cWhile there is no single solution, these measures would provide meaningful help to both SME housebuilders and first-time buyers.\u201d<\/p>\n
A survey of 2,000 prospective first-time buyers found that two-thirds (68%) reckon the government and mortgage industry must be more creative with incentives.<\/p>\n
Nearly seven in 10 (69%) support reintroducing Help to Buy; more than a third (35%) want increased support for affordable housing supply; and about a quarter (24%) want stamp duty relief or higher thresholds.<\/p>\n","protected":false},"excerpt":{"rendered":"
Buyers of homes under \u00a3500,000 should be given an 18-month stamp duty holiday to stimulate sales and investment, Aldermore has urged ahead of Wednesday\u2019s Autumn Budget. There was previously a stamp duty holiday in July 2020, which suspended stamp duty on properties up to \u00a3500,000 in a bid to stimulate the market during the covid-19 […]<\/p>\n","protected":false},"author":1,"featured_media":5826,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n