Aldermore Bank has called for the government to retain the minimum stamp duty threshold for first-time buyers, after conducting a poll.
As it stands first-time buyers only start paying stamp duty on properties worth £425,000, but that is set to revert back to £300,000 in April next year.
Over half (53%) of first-time buyers would prefer for the government to raise the stamp duty exemption even higher than £425,000.
Jon Cooper, director of mortgages at Aldermore, said: “We’ve seen homeownership become more difficult to attain, yet it remains a big life goal for over three in four (77%) prospective buyers.
“There’s been much speculation that the stamp duty exemption threshold will fall back to £300,000 from £425,000 in the Autumn Budget next week.
Nearly three in four (73%) first-time buyers feel the government needs to introduce new incentives and legislation to help them onto the property ladder.
Cooper added: “First-time buyers are desperate for more support to help them get on the property ladder, and while there is no silver bullet, keeping the threshold at the current £425,000 will make a considerable difference to many.”
The Autumn Budget takes place on October 30th.
Via @PropertyWire