Labour’s plan to reverse Stamp Duty relief for first time buyers is opposed by 70% of homeowners, new research reveals.

FTBs currently pay Stamp Duty if their home costs more than £425,000, which is set to drop to £300,000 in March next year.

And Chancellor Rachel Reeves (main picture) confirmed before Labour came to power that her predecessor Jeremy Hunt’s decision to temporarily raise the threshold at which FTBs pay the duty, would not be renewed.

Negative impact

Now, a majority of homeowners believe that Labour’s plan to not reinstate Stamp Duty relief for FTBs will negatively impact the property market, according to analysis by self storage provider, Ready Steady Store.

Over 500 homeowners were quizzed on their perception of the likely tax changes in this month’s Budget. And 69% believe the reduction in the stamp duty threshold will force FTBs to opt for lower value properties.

Move house

Also, 72% of respondents said the Government should use the Budget to help FTBs purchase their first home rather than increase taxes.

Nearly a third of homeowners said they would try and move house before changes to Stamp Duty were implemented, with 18% advising they would wait until the Bank of England reduces the base rate further.

More and more people are having to downsize their homes.”

Mehran Charania, Director of Ready Steady Store, says: “This latest research is incredibly telling and highlights the level of concern UK homeowners share over the forthcoming autumn budget.

“There is clearly a careful line to tread as even though the latest Rightmove data has shown a marginal increase in the average property price, more and more people are having to downsize their homes and this is a trend likely to increase into 2025”.

Stamp Duty cuts must be priority for Chancellor, urges big lender