87% of Britons think Conservative policy will help first-time buyers

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by Kay Murchie

George Osborne, the shadow chancellor, announced last week at the Tory party conference that they would scrap stamp duty on properties worth under £250,000.

87% of Britons believe that this would help first-time buyers to get on to the property ladder. Mr Osborne said that the Conservative party would scrap stamp duty for 90% of first-time buyers by increasing the threshold for first-time buyers to £250,000.

According to a survey by property portal, FindaProperty.com, the announcement has the backing of 87% of Britons. A spokesperson for FindaProperty.com said the survey suggests that the Conservatives have made a wise move by promising to increase the stamp duty threshold to £250,000.

However, the 13% who believe this move won’t make it easier believe that the price of property in their area is the main restraint, followed by the inability to save a deposit.

FindaProperty.com remarked that reducing stamp duty may not convince more people to make a property purchase, with a growing number happy to rent. The survey discovered that nearly 20% of people are happy to rent.

The property portal added that there are other ways in which the government can help the market. The survey also established that nearly 70% of respondents said developers should build more homes specifically for first-time buyers. However, 50% said there should be restrictions on the number of properties investors can purchase.

The spokesperson concluded that Prime Minister Gordon Brown is making housing one of his priorities.