Propertymark and Rightmove have joined forces to call for the first-time buyer stamp duty threshold to be retained, amid concerns that the current proposals could lead to a significant increase in the cost of buying a home for first-time buyers.
The two property industry giants have urged the government to reconsider its plans to reduce the threshold from £300,000 to £250,000, citing concerns that this could lead to a surge in prices and make it even harder for first-time buyers to get on the housing ladder.
According to Propertymark, the proposed changes could lead to a 10% increase in the cost of buying a home for first-time buyers, which could be devastating for those already struggling to save for a deposit.
Rightmove has also expressed concerns about the impact of the proposed changes, stating that they could lead to a ‘perfect storm’ of increased prices and reduced affordability for first-time buyers.
‘We urge the government to reconsider its plans and work with the industry to find a solution that benefits first-time buyers,’ said Rachel Reeves, Propertymark’s chief executive.
The industry giants are calling for the government to work with them to find a solution that benefits first-time buyers, and are urging the public to get involved in the consultation process to make their voices heard.
In a statement, Rightmove said: ‘We believe that the current proposals could have unintended consequences for the housing market and first-time buyers, and we urge the government to reconsider its plans.’
The consultation on the proposed changes is currently open, and Propertymark and Rightmove are urging the public to get involved and make their voices heard.
‘This is a critical moment for the housing market, and we urge the government to listen to the concerns of the industry and the public,’ said Rachel Reeves.
The two companies are also calling for the government to provide more support for first-time buyers, including increased funding for Help to Buy and other initiatives that help people get on the housing ladder.
In a statement, Propertymark said: ‘We believe that the government should be working with the industry to find solutions that benefit first-time buyers, rather than imposing changes that could have unintended consequences.’
The consultation on the proposed changes is set to close in the coming weeks, and Propertymark and Rightmove are urging the public to get involved and make their voices heard.
