With the Autumn Budget set for 26 November, there’s growing speculation that the government might unveil new support for first-time buyers. The housing market has slowed, affordability remains tough, and now one of the UK’s biggest housebuilders — Bellway — is calling for major changes.
What Bellway Is Asking For
Bellway, one of Britain’s leading housebuilders, has urged the government to:
- Scrap stamp duty entirely for first-time buyers, and
- Introduce a long-term deposit scheme to help people save for their first home.
The company says these changes could make a big difference for those struggling to get onto the property ladder, especially as higher mortgage rates and cost-of-living pressures continue to bite.
Why Stamp Duty Matters
Right now, first-time buyers don’t pay Stamp Duty Land Tax (SDLT) on homes up to £425,000, and pay a reduced rate on the portion between £425,001 and £625,000. But with property prices still high in many parts of the UK, even that threshold leaves a lot of homes out of reach.
Scrapping stamp duty altogether for First Time Buyers could remove one of the biggest upfront costs of buying — sometimes saving thousands of pounds.
What’s a Long-Term Deposit Scheme?
The idea is similar to the old Help to Buy or Lifetime ISA, but potentially more flexible and available for longer. It could mean government-backed savings accounts or shared deposit schemes that help people gradually build up what they need for a mortgage deposit over time.
For many renters who are stuck paying high monthly rents, this kind of support could make all the difference between staying in the rental cycle and buying their first home.
A “Tough” Budget Ahead
Chancellor Jeremy Hunt has already warned that the 26 November Budget will be a tough one — with limited room for big tax cuts or spending increases. That said, the housing market is under pressure, and both the government and the opposition know that first-time buyers are a key voting group heading into next year’s General Election.
What It Could Mean for You
While nothing is confirmed yet, it’s worth keeping an eye on the Budget announcements. If stamp duty changes or new savings schemes are introduced, they could make a real difference for people planning to buy in 2025.
In the meantime:
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Review your mortgage options — some lenders are still offering competitive deals for low-deposit buyers.
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Keep saving if you can — any new deposit schemes are likely to reward consistent saving habits.
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Watch the Budget closely — announcements could reshape affordability and incentives for first-time buyers.