A recent survey of homebuyers and movers has revealed what the nation hopes to see from the new Labour government when it comes to housing policies.
Demand for Longer Mortgages
One-third of respondents expressed a desire for better access to long-term fixed-rate mortgages. However, despite this interest, only 8% would consider a 10-year fixed deal right now, likely due to current high mortgage rates.
Adapting to Higher Mortgage Rates
Interestingly, the report shows that buyers are adjusting to the rise in mortgage rates, with 37% saying their plans to buy a home remained unchanged—an increase from 29% in February.
Mismatch with Government Plans
Many of the wishes expressed by homebuyers in the survey do not align with the government’s current proposals. For instance, the soon-to-be-introduced Freedom to Buy scheme is designed to help first-time buyers, yet only 26% of respondents felt that this was a priority.
Iwona Hovenko from Bloomberg Intelligence also noted, “Nearly half of the survey’s participants want a cut in Stamp Duty, though this seems unlikely in the near future.” This sentiment was particularly strong in Southern England, where higher property prices result in disproportionately higher taxes.
How We Can Help
Whether you’re looking for a long-term fixed-rate mortgage or navigating higher rates, we can help you find the right mortgage based on your individual circumstances. Contact us for expert advice on your next steps in the housing market.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Sources: Bloomberg Intelligence, 2024