A Rightmove survey of over 34,000 people identifies what people would like to see from the government ahead of today’s Budget. 

Amongst renters spoken to for the portal’s survey, they say more support for first-time buyers (60%) is the most important factor. This was followed by more mortgage schemes to help people afford to move (55%) and simplifying the home-buying process (47%). 

Matt Smith, Rightmove’s mortgage expert, says that by reviewing the affordability criteria for home-buyers in a responsible way, more options could open up for first-time buyers. 

“Market regulation has had its intended impact to help prevent people from over-stretching themselves when taking out a mortgage. It also means that there are many people out there, particularly first-time buyers, who find themselves priced out of the home that they want because they can’t borrow enough or pass the stressed rate test. There are several hurdles for first-time buyers to clear, made more difficult with higher mortgage rates, and payments outpacing wage growth. 

“Lenders, both new entrants to the market and major lenders, have looked at how they can work within the existing framework to provide more support to first-time buyers which has been really encouraging to see. We think there is the opportunity for the government to help unlock greater long-term affordability in a responsible way through a wider review of affordability criteria alongside the regulators and lenders.”  

Meanwhile reforming the stamp duty system (46%) came out on top for landlords, followed by simplifying the home-buying process (42%) and incentives to help homeowners to make green improvements (39%). 

Bottom of the list for landlords was introducing legislation to improve the energy efficiency of rental homes (12%). The government plans to make it mandatory for all rental properties to have a minimum Energy Performance Certificate rating of a C by 2030, and separate Rightmove research has revealed concerns about the potential costs to landlords in reaching this target. 

Rightmove itself suggests that helping landlords through both financial incentives, and urgent clarity over what will be expected of them, could help. 

Christian Balshen, Rightmove’s Head of Lettings, says: “Landlords, like all investors, value certainty about the cost of their investments. We know that over half of landlords are concerned that the government is going to introduce costly charges if green improvements are not made. Therefore, clarity must come very quickly on what is likely to be expected of landlords and any funding that may be available to them. Without this clarity, there’s a growing risk that more landlords may choose to exit the market.  

“We’d ask the government to promptly offer more detailed information on both fronts – support for landlords, making necessary energy efficiency improvements, and the structure of new homebuyer initiatives – before investor confidence is further eroded.” 

And the portal points out that if the current stamp duty thresholds are not made permanent during the Budget, the average first-time buyer will pay £3,538 in stamp duty from next April compared with nothing now. 

The percentage of all home-movers that will be exempt from stamp duty will decrease from 28% to 5% (by lowering from £250,000 to £125,000). The percentage of first-time buyers that will be exempt from stamp duty will decrease from 61% to 40% (by lowering from £425,000 to £300,000).