Fewer than half (46%) of potential first-time buyers believed that the upcoming General Election would improve their buying prospects, research from Aldermore has revealed.
According to their manifestos, Labour plans to extend the Mortgage Guarantee Scheme and build 1.5 million homes over the next Parliament, while the Conservatives hope to eliminate Stamp Duty up to £425,000 and introduce a new Help to Buy scheme alongside its own pledge to build 1.6 million homes
In light of these promises, 73% of prospective first-time buyers said that the Government and the mortgage industry must be more creative in introducing new incentives and legislation to help people buy.
Jon Cooper, director of mortgages at Aldermore, said: “One point that most politicians can agree on is that homeownership has become an increasingly challenging goal for the majority of hopeful buyers.
“As voters (and particularly young people) head to the polls, homeownership will be front-of-mind.
“Hopefully this election will reenergise the conversation on how we can help more people onto the property ladder and show more first time buyers that this goal is still possible.”
