87% think Tory policy aids first-time buyers

Monday, 08, Oct 2007 01:10

As many as 87 per cent of Brits think the Conservative party's plan to assist first-time buyers would be successful in helping young people get on the housing ladder.

Speaking at the Tory party conference in Blackpool last week George Osborne, the shadow chancellor, pledged to abolish stamp duty on properties worth under £250,000, which he says would benefit first-time buyers.

"We will abolish stamp duty for nine in ten first-time buyers by raising the threshold for first-time buyers to £250,000," said Mr Osborne.

The plan has the support of 87 per cent of Brits - who feel it will make it easier for first-time buyers to get onto the housing ladder - according to a survey by property portal, FindaProperty.com.

"The results of the poll suggest the Tories have made a shrewd move by promising to raise the stamp duty threshold to £250,000," commented Mike O'Flynn head of content at FindaProperty.

"Among those who believe this move won't make it easier for first time buyers to get a foot on the ladder - just 13 per cent - the price of property in their area is the main deterrent, followed by the inability to save a deposit.

However, reducing stamp duty may not convince more people to make a property purchase, with a growing number happy to rent.

"Interestingly, close to a fifth are happy renting and have no desire to become owner-occupiers - suggesting renting is increasingly a positive lifestyle choice rather than an option for people with no alternative," commented Mr O'Flynn.

There are alternative methods in which the government can help the market, argues FindaProperty.

Some 66 per cent of those questioned felt developers ought to build more homes specifically for first-time buyers, whereas 50 per cent felt there should be restrictions on the number of properties investors can purchase.

"Gordon Brown has made housing central to his premiership, and the Tories have now taken up the challenge," concluded Mr O'Flynn.