Aldermore : comments on latest RICS survey

In reaction to the latest figures from RICS, Charles McDowell, Aldermore's Commercial Director, Mortgages comments: 'December's data shows that first time buyers have not rushed into the housing market to take advantage of the stamp duty cut which was announced in the Chancellor's Budget last November. Whilst we had hoped this move would have encouraged first time buyers to make the move, in reality, these figures are not that surprising as the process of buying a home is complicated, costly and time consuming. With this in mind, we will have a better understanding of how the stamp duty cut has impacted first time buyers in the next three to six months.

'We still believe the decision from the Government to abolish stamp duty for first time buyers is a positive one for the market, and this is supported by our research which revealed three in 10 (30%) prospective first time buyers would consider accelerating their plans to buy a home when the Chancellor announced that stamp duty would be cut ¹. However, this alone will not be enough to reignite the stagnant housing market. Alongside the fact the house-buying process itself is complex for many first time buyers, the underlying issue remains that more homes need to be built in the right places. Most importantly, these houses need to be affordable for first time buyers who are often being outpriced of the market.'

*Ends*

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Notes to Editors:

¹ 2004 online interviews with UK adults (aged 18+) were conducted by Opinium Research from 3 to 7 November 2017 with a sample of 1071 homeowners (bought their home 4 or more years ago), 201 recent buyers (bought their home within the last 3 years) and 212 prospective first time buyers.

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