Public calls for stamp duty clarity and housebuilding support ahead of Budget

Ahead of the Autumn Budget, 33% of research respondents are demanding clarity on the government’s plan for stamp duty.

According to new research from Together, existing and prospective homeowners want to see action from the government on tax and housebuilding to boost the property market.

When asked what the government needs to do to build confidence back into the market, support with council tax ranked highly. Over a third called for better support with council tax payments and a review of tax bands to help affordability.

Though the prime minister has ruled out changes to stamp duty in the Budget, 33% want the government to set out clear intentions on the tax, including whether any reforms are planned and what the timetable will look like.

Some 26% of those surveyed want the government to introduce measures to encourage downsizing to free up larger family homes.

The research also shows that a large proportion of the public want the government to improve housebuilding and development.

32% want to see councils and housing associations given the funding to deliver social housing at scale, while 25% want the Budget to unlock brownfield land and regenerate existing communities.

23% want the Budget to focus on removing the barriers that prevent consented homes from being built.

Just under 20% of respondents want the government not to penalise or stigmatise investing in property.

Key details on the ‘Your First Home’ scheme are set to be outlined in the Budget.

The equity-loan scheme is expected to support 2.5% deposits for eligible first-time buyers purchasing new-build homes, backed by a 20% government equity loan.

The impact of the scheme on the wider housing market is yet to be measured.