A massive 70% of UK home owners believe that Labour’s plan to reverse the Tory Stamp Duty relief for First Time Buyers will negatively impact the property market, according to new research from leading self storage provider, Ready Steady Store.
The research, which questioned over 500 home owners on their perception of the likely tax changes to be implemented by UK Government during the autumn budget, also revealed that 69% believe the reduction in the stamp duty threshold from the current £425,000 to £300,000 will force First Time Buyers to opt for lower value properties.
Furthermore, 72% of respondents also felt the Labour Government should utilise the autumn budget to implement new schemes to aid First Time Buyers in purchasing their first home rather than increase taxes, particularly as growing numbers of home owners are now downsizing their properties, according to the latest data from Rightmove.
As such, 74% agreed that any increase in tax rates on Stamp Duty, Capital Gains and Pensions will negatively impact the public, with 40% advising their trust in Labour has diminished as a result.
Other key takeouts from the research include:
- 30% of home owners advised 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 even more.
- 42% revealed they would move their belongings into self storage to agree a quick property sale, with 38% advising they follow suit to prevent a break in the chain during a house move.
- A further 28% advised they would use self storage to aid them in downsizing their property – being a move 70% of home owners believe more people will be forced to do in 2025, with high mortgage rates [32%] and the cost of living [48%] to blame.
Discussing this latest research, Mehran Charania, Director of Ready Steady Store, said:
“This latest research is incredibly telling and highlights the level of concern UK home owners share over the forthcoming autumn budget and the negative impact it could have on the general public and particularly the UK property market.
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 – particularly if the cost of living remains too high for many.
However, there are also many positive reasons as to why home owners opt to downsize their properties – like simply not requiring as much space – being a step we at Ready Steady Store are well versed in supporting our customers with.”
Established in 2005, Ready Steady Store is an award-winning self-storage provider with cost effective storage units located in the Midlands, and South, North and East of England.
