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Foxtons reveals General Election wish list

Stamp Duty reform and first-time buyer support tops the list of what Foxtons would like to see from the next Government.

The main parties are slowly revealing their housing policies ahead of the General Election on 4 July.

Labour has vowed to make the current Mortgage Guarantee Scheme permanent, while the Conservatives have vowed to keep the first-time buyer Stamp Duty threshold at £425,000.

Guy Gittins, chief executive of Foxtons, said: "For young buyers it’s still extremely tough and I and I don't think that's going to change in the immediate term. 

“What we'd love to see from any government now is to look ahead and try to encourage more first-time buyers onto the ladder. And I think that with a little bit of sensible policy around some of the help to buy schemes, we can certainly do that.

"Anything helping first time buyers such as Help to Buy schemes or government backed mortgage schemes I think really is a is a positive step forward. I think there's an optimism in the air certainly.”

"Looking at the rate of Stamp Duty could free up a little bit more movement for downsizes, for example."

He said the government also needs to be encouraging landlords back into the market.

“That exodus that some people are reporting - which we we don't see being a heavy exodus - but any reduction in the overall available stock means that renters are going to see a little bit of price tension still creeping in over the next few years."

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    Well said Guy, I think this is a sensible wish list.

    First time buyers are the fuel of the property market, any policy that helps and encourages home ownership should be championed.

    I don't remember the last time I sold to a buy to let investor, there is absolutely no benefit to owning one in London at the moment. The majority of landlords I know have sold / are planning to sell. As is highlighted above, this is terrible news for tenants who have had to put up with crazy rent increases over the past few years. I would like to see the government look at this and come up with a more sustainable system moving forwards.


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