Some 70% of UK homeowners believe Labour’s plan to reverse the Conservatives’ stamp duty relief for first-time buyers will negatively impact the property market, according to research from self-storage provider, Ready Steady Store.
Two thirds (69%) reckon the reduction in the stamp duty threshold from the current £425,000 to £300,000 will force first-time buyers to opt for lower value properties.
The Autumn Budget takes place on October 30, and 72% think the Labour government should use it as an opportunity to implement new schemes to help first-time buyers.
Mehran Charania, director of Ready Steady Store, said: “This latest research is incredibly telling and highlights the level of concern UK home owners share over the forthcoming autumn budget and the negative impact it could have on the general public and particularly the UK property market.
“There is clearly a careful line to tread as even though the latest Rightmove data has shown a marginal increase in the average property price, more and more people are having to downsize their homes and this is a trend likely to increase into 2025 – particularly if the cost of living remains too high for many.
“However, there are also many positive reasons as to why home owners opt to downsize their properties – like simply not requiring as much space – being a step we at Ready Steady Store are well versed in supporting our customers with.”
Three quarters (74%) agreed that any increase in tax rates on Stamp Duty, Capital Gains and Pensions will negatively impact the public, with 40% advising their trust in Labour has diminished as a result.
