Currently, there is a stamp duty exemption for FTBs of £425,000.
There are growing concerns around what changes the government will introduce for the Autumn Budget on 31st October, which prime minister Keir Starmer has already warned will be “painful”.
Aldermore’s FTB Index, which surveys 2000 prospective FTBs, has revealed over half of this cohort (53%) want the government to actually raise the threshold.
Additionally, 73% of recent FTBs feel the government needs to do more to incentivise and support those getting onto the property ladder.
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Jon Cooper, director of mortgages at Aldermore, has highlighted speculation of reducing the threshold to £300,000 for FTBs which may push more away from homeownership.
“The average cost of a house in the UK is £371,958 and in London this rises even further, so if the exemption falls back to £300,000, a reduction in stamp duty exemption will add further pressures to what is already a costly homeownership journey,” argued Jon.
“FTBs are desperate for more support to help them get on the property ladder, and while there is no silver bullet, keeping the threshold at the current £425,000 will make a considerable difference to many.”
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