Yahoo Finance Public supports abolishing stamp duty for first-time buyers
The British public wants to see decisive action from the government to help first-time buyers get onto the property ladder – and that includes eradicating stamp duty, new research shows.
A survey of over 2,000 Brits by Experience Invest has uncovered public attitudes towards the housing crisis, with more than two thirds (62%) in favour of scrapping stamp-duty for first-time buyers, to help renters get onto the property ladder.
Eight in 10 (78%) Brits believe the government should enforce stricter regulations on landlords to protect vulnerable renters, while 68% think the government should introduce a cap on rental prices to make it easier for renters to save for a house deposit.
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Over half (53%) also said prolonging Brexit is counterproductive to solving the housing crisis. This revelation comes as the Brexit deadline has been delayed for a third time, until 31 January 2019.
However, UK consumers have conflicting views about where new builds should be constructed. Less than half (47%) want new builds to be constructed in their local area, and just a quarter (26%) would be content with sky-rises being built in nearby towns and cities to address the housing crisis.
Consumers appear particularly concerned about the attractiveness of new builds, with 67% supporting the government’s measures to ensure new builds are aesthetically pleasing.
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Improved infrastructure is also a consideration, with over three quarters (76%) calling for local government and construction firms to improve infrastructure around new builds to make them more attractive.
Jerald Solis at Experience Invest said: “The public is somewhat conflicted about its priorities. On the one hand, they want to see decisive action from the government in tackling the housing crisis. However, many are opposed to action that may directly impact their lives and their local area – namely, the construction of new builds. This could hinder progress towards tackling the housing crisis.
“What is clear, however, is that local councils must involve construction firms when developing new housing strategies. Private sector constructions firms are perfectly poised to offer assistance, from insight into aesthetically pleasing buildings, to sourcing investment for large-scale construction projects. They could provide a vital lifeline to local governments.
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“Of course, there isn’t a simple solution to the housing crisis. However, a collaboration between the public and private sector would be a promising step in the right direction – both in terms of increasing the supply of affordable homes and easing public scepticism about new builds.”
