A survey of homebuyers and movers has offered an insight into what the nation wants from the new Labour government.
Access to longer mortgages – A third of respondents said they want better access to long-term fixed mortgages*. Despite this, only 8% would be prepared to take out a 10-year fixed deal now – likely due to high mortgage rates at the moment.
Adjusting to higher rates – The report indicated that buyers are generally adapting to the higher mortgage rates, with 37% saying their buying plans were unchanged – up from 29% in February.
Contrary to government plans – Many of the desires expressed in the survey were not in line with government’s plans. The Freedom to Buy initiative is set to be introduced soon, but only 26% of respondents wanted help for first-time buyers.
Iwona Hovenko at Bloomberg Intelligence observed, “Almost half of respondents in our survey seek a cut in Stamp Duty from the government, but we don’t see this as likely in the near term. The desire was strongest among movers and buyers in Southern England, due to disproportionately high taxes on pricier homes.”
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*Bloomberg Intelligence, 2024