The YouGov survey released by the CML showed two-thirds of people believed the government should abolish Stamp Duty tax, while other measures suggested were introducing subsidies for first-time buyers and reintroducing mortgage interest tax relief/MIRAS.
The government’s current measures were least popular, with 30 per cent opting for a reform to planning processes and 29 per cent suggesting targeted subsidies.
After the government, 61 per cent said mortgage lenders should do more, with 68 per cent voting for lenders to structure the mortgage so payments were lower at the start of the loan, followed by 62 per cent suggesting repayments over a longer period. Only a quarter wanted lenders to relax their lending rules.
Roy New, a London-based sole broker, said: “It’s in the government’s interest to keep the market turning, so things do need to change. It needs to look at tax relief and the parameters it sets for key workers need to be set regionally. However, I do feel if someone wants to buy, they will find a way.”
Bob Pannell, CML head of research, said: “First-time buyer affordability is a major concern to people, whatever their own situation. While mortgage lenders have a part to play in relieving this, within the constraints of maintaining prudent lending policies, most believe the government should do more and use tax breaks and subsidies to ease affordability problems.”
