Research from Leeds Building Society found that buyers will pay Stamp Duty on 93% of properties in England if tomorrow’s Budget does not extend the current higher thresholds.
Current thresholds are £250,000 for homebuyers and £425,000 for first-time buyers, but these will revert to £125,000 and £300,000 respectively at the end of March 2025.
According to the research, in Yorkshire buyers currently pay Stamp Duty on 49% of homes, set to rise to 86%.
In London, first-time buyers renting privately may need to save an additional 12 months to afford their first property.
On average, it would take them 25.8 years to save for a deposit while renting.
First-time buyer house prices were 16 times higher in 2022 compared to 1982, while gross earnings only increased sevenfold.
Leeds Building Society argued for change to make homeownership a realistic goal for more than just high-income individuals with parental support.
Andrew Greenwood, deputy chief executive of Leeds Building Society, said: “We all know the value that having a place to call home can add to our lives.
“As a mutual, we were set up to help people own their own home and save for their future, creating a sense of belonging in communities across the country.”
“We welcome the Labour government’s commitment to social and affordable housing and renewed interest in house building, but our country needs to develop a long-term and joined-up plan to improve stability in the housing market if we are to solve the problem.
“This needs to be a plan focused on delivering more homes, supporting first-time buyers to save for their deposit and extending affordable routes into home ownership.”
