Almost nine out of ten developers say the next government should do more to support first-time buyers, according to the latest research from Shawbrook.
The specialist bank points out that 86% of developers say the next administration must help FTBs get onto the property ladder following the 4 July election, while 39% add it should be “a top priority”.
Nine out of ten developers polled favour a Labour government saying it would boost the housing market, but only 9% think the opposition party will specifically help FTBs
This comes after last month Labour leader Keir Starmer set out plans to build on “ugly grey belt land” to boost housebuilding, boost infrastructure and increase green spaces.
He said the party will release areas for development currently classed as green belt land, should it return to government after the next general election.
The move is part of the opposition party’s plans to build 1.5 million homes over the next parliament, which it calls “a key plank of Labour’s policy programme”.
By contrast, Prime Minister Rishi Sunak last year pledged to protect the green belt and focus development in towns and cities.
The Conservatives are on course to have built over one million homes throughout this parliament when new data is released later this year – the current figure is 935,204.
Easier planning permission is what 35% of developers want from the next government, and 32% want new schemes to help FTBs.
Similarly, 31% called for more support for innovative construction methods such as modular construction, and 30% pushed for stamp duty holidays.
Shawbrook managing director of development finance Terry Woodley says: “The upcoming election has the potential to breathe more life into the construction and property development sector, especially as house building numbers have reduced in recent years.
“Challenges surrounding a lack of support for FTBs as well as a failure to streamline the planning process have led to waning activity levels, and subsequently have caused developers to call on the government to deliver supporting legislation.
“As such, it’s no surprise that our research results had strong numbers advocating for development in reforms such as alternative schemes to help-to-buy, modular construction, and abolishment of stamp duty for FTBs.”
Shawbrook’s research was conducted by Censuswide between 16 April and 3 May, surveying 567 property developers across England, Wales and Scotland.
