First-Time Buyers Seek Deposit Assistance
- Sarah Ruivivar
- 3 days ago
- 2 min read
First-time buyers (FTBs) are raising their voices, and they’re asking for more than just a pat on the back.
According to a recent Aldermore survey, FTBs are clamouring for the return of loan schemes and Stamp Duty relief to help them step onto the property ladder. But here’s the kicker: only 39% of them believe the current government will improve their prospects. Ouch!
So, what’s on the FTB wishlist? A whopping 36% are keen on support for renters saving for deposits, like renter recognition in credit scoring. Meanwhile, 35% are eyeing increased government backing for housing affordability, and 33% are hoping for help in reducing mortgage interest rates through subsidies or guarantees.
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But wait, there’s more! FTBs are also calling for tax incentives, Rent-to-Buy schemes, and restrictions on overseas investors to free up housing supply. Oh, and let’s not forget the 18% who are all about those green homes and retrofitting incentives.
Jon Cooper, Aldermore’s director of mortgages, sums it up nicely: FTBs need practical support to tackle the barriers they face, from deposits to affordability assessments. While Labour’s pledge to build 1.5 million homes is a step in the right direction, Cooper argues that boosting supply alone won’t solve the problem.
In an ideal world, the Chancellor’s Autumn Budget would have included an 18-month Stamp Duty holiday for homes under £500,000 and a revival of the Help to Build scheme. But until then, FTBs are left hoping for a little more help to make their homeownership dreams a reality.
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