Almost half of first-time buyers (47%) have paused their homebuying plans until after the Autumn Budget, as uncertainty around potential tax and housing policy changes continues to weigh on buyer confidence, new research from eXp UK shows.
However, it’s not short-term tax tweaks they’re waiting for. The survey of aspiring homeowners found that the majority are hoping to see meaningful, long-term improvements to housing affordability, rather than quick political wins such as a stamp duty cut.
When asked about the biggest barrier preventing them from buying their first home, 41% cited the high deposit and savings requirement driven by rising house prices, making it the most significant obstacle to homeownership.
A lack of government schemes for first-time buyers ranked second (21%), followed by a lack of suitable homes within budget (19%) and longer-term mortgage affordability (12%) - all outpacing the impact of stamp duty or other upfront costs, which were cited by just 6%.
This focus on genuine affordability was reflected in what buyers said they would most like to see announced in the Autumn Budget.
Nearly half (48%) want to see new or expanded government schemes such as Help to Buy or the Mortgage Guarantee Scheme versus just 26% who favoured the elimination or reduction of stamp duty.
When asked what single message they would send to the Government ahead of the Budget, 35% called for a focus on increasing housing supply and affordability. A further 23% said more mortgage support was needed to help with monthly repayments, and another 23% urged the Government to avoid new housing taxes. Only one in five (20%) said stamp duty reform should be the main priority.
Adam Day, head of eXp UK and Europe, commented: “Despite standing at the starting line when it comes to the homeownership journey, the nation’s first-time buyers are showing a remarkably mature and long-term perspective ahead of this year’s Autumn Budget.
"They aren’t asking for short-term giveaways or political point-scoring in the form of a stamp duty cut, which would only fuel demand and push house prices even higher.
"Instead, they want to see meaningful reform that tackles the real issues such as the chronic shortage of affordable housing, the high cost of deposits, and the need for practical mortgage support that makes buying sustainably affordable over the long term.
"It’s a clear message to the Government that first-time buyers aren’t looking for gimmicks; they’re looking for genuine solutions.”
