New build housing developments coming to market have fallen to their lowest level since January 2017, according to analysis by Rightmove, raising concerns over the Government’s ambition to deliver 1.5 million new homes during this Parliament.
In response, Rightmove is urging the Government to consider a package of reforms, including the removal of Stamp Duty Land Tax (SDLT) for first-time buyers on both new build and existing homes, alongside increased investment in affordable housing and further support to help buyers onto the property ladder.
Alex Slater, Rightmove’s Director of New Homes, highlighted the challenges facing prospective purchasers, commenting:
“First-time buyers underpin the whole housing market, but affordability and getting that first foot on the ladder is becoming more difficult. We need a set of reforms that go further, faster and work together, from stamp duty changes to more investment in affordable housing, to give this group a better chance of getting onto the ladder and keeping the market moving.”
For buyers, reduced new build supply could mean fewer properties available and greater competition for those that do come to market. While potential SDLT changes could improve affordability, industry experts continue to emphasise the need to boost housing supply alongside any demand-side incentives.
Rachael Mitchell, Licensed Conveyancer and Head of Residential Conveyancing at Lawson West, commented:
“Whether purchasing a first home, moving up the property ladder or buying a new build property, obtaining legal advice at an early stage can make the process significantly less daunting. Our experienced conveyancing team can guide you through every stage of the transaction.
For first-time buyers in particular, expert guidance can provide reassurance, helping them understand their obligations, avoid unexpected issues and make informed decisions throughout the transaction.
With affordability and housing supply continuing to dominate the property market agenda, professional legal support remains an important tool in helping buyers navigate what is often one of the largest financial commitments of their lives.”
How can we help?
For an experienced Conveyancing Team you can trust, with offices in Leicester & Market Harborough, please contact us on telephone 0116 212 1000 or 01858 445 480, alternatively fill in the free Contact Us form and we will get in touch as soon as possible.
