But 27% want to see the Budget ‘small print’
More than two-thirds (67%) of 18-34-year-olds say they are confident that Your First Home will make it easier to buy a house, with 36% saying it could finally make homeownership achievable.
Among the wider population, 55% said they thought it would help make homeownership achievable.
However, just over a quarter (27%) are waiting to see the scheme’s eligibility criteria, revealed in the budget, before coming to a conclusion. It’s rumoured that households will need to earn less than £110,000 to qualify for the government’s new loan scheme for first-time buyers, or £140,000 for homes bought in London.
Schemes that make home ownership achievable
Scott Clay, director of private clients at Together, said: “With over half of people believing Your First Home could improve their chances of buying a property, there’s clear demand for schemes that make homeownership feel achievable. The Budget is a key opportunity to turn that optimism into a practical route onto the housing ladder.
“That said, it’s the detail that matters: eligibility criteria, property price caps, costs and how these schemes work in practice will determine who really benefits. The impact on housebuilding will matter too, particularly whether developers can deliver enough eligible new homes in the places buyers need them, alongside a sufficient supply of previously purchased First Homes coming back onto the market.” #
When asked what else the Government needs to do to build confidence, more than a third (37%) called for better support with council tax payments and a review of tax bands to help affordability, 33% want clearer information about stamp duty intention and 26% want to see measures to encourage downsizing to free up larger family homes.
