First-time buyers hit pause until the Autumn Budget

Nearly half of first-time buyers have put their property buying plans on hold until after the Autumn Budget, research reveals.

According to eXp UK, 47% of aspiring homeowners have decided to delay buying amid uncertainty over housing and tax policy.

Yet most are holding out for deeper, long-term changes to make homeownership genuinely affordable, rather than headline-grabbing Stamp Duty tweaks.

The study paints a clear picture of what’s stopping many from taking the leap.

A high deposit requirement driven by surging property prices was named by 41% as the biggest obstacle to buying their first home.

Meaningful housing reforms needed

The firm’s Adam Day said: “Despite standing at the starting line when it comes to the homeownership journey, the nation’s first-time buyers are showing a remarkably mature and long-term perspective ahead of this year’s Autumn Budget.

“They aren’t asking for short-term giveaways or political point-scoring in the form of a Stamp Duty cut, which would only fuel demand and push house prices even higher.”

He added: “Instead, they want to see meaningful reform that tackles the real issues such as the chronic shortage of affordable housing, the high cost of deposits, and the need for practical mortgage support that makes buying sustainably affordable over the long term.”

What first-time buyers want

Research also found that the second biggest worry is the lack of government support schemes at 21%.

The shortage of affordable homes was 19%, and concerns over mortgage affordability at 12%.

Only 6% of potential first-time buyers pointed to Stamp Duty or upfront costs as their main hurdle.

Nearly half (48%) said new or extended government schemes such as Help to Buy or the Mortgage Guarantee Scheme should be in the Budget.

Just 26% favoured reducing or scrapping Stamp Duty altogether.

In a message to ministers, 35% of respondents urged the government to prioritise increasing housing supply and improving affordability.

Another 23% called for more help with mortgage repayments, while a similar share warned against new housing taxes.

Only one in five said reforming Stamp Duty should top the agenda.

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