Four fifths (86%) of developers said that the next Government needs to do more to support first-time buyers, according to the latest research from Shawbrook.
The General Election was announced for July, prompting developers to consider what the next Government could mean for the construction sector and the property market as a whole.
Labour has been particularly outspoken on the topic in recent months, announcing plans to prioritise building on the ‘grey belt’ and brownfield sites, which has garnered interest from developers.
According to the research, developers favoured a Labour Government, with 90% indicating they believe it would benefit the housing market overall.
Yet only 9% believed Labour would specifically help first-time buyers.
When asked for changes they would like to see, 35% wanted easier planning permission processes, while a similar number (32%) wanted new schemes to help first-time buyers.Â
Similarly, 31% called for more support for innovative construction methods such as modular construction, and 30% advocate for Stamp Duty holidays.
Terry Woodley, managing director of development finance at Shawbrook, said: “The upcoming election has the potential to breathe more life into the construction and property development sector, especially as house building numbers have reduced in recent years.
“Challenges surrounding a lack of support for first-time buyers as well as a failure to streamline the planning process have led to waning activity levels, and subsequently have caused developers to call on the Government to deliver supporting legislation.
“As such, it’s no surprise that our research results had strong numbers advocating for development in reforms such as alternative schemes to help-to-buy, modular construction, and abolishment of Stamp Duty for first-time buyers.”
