Over three quarters (76%) of first-time buyers (FTBs) believe the Government should do more to support them getting on the property ladder, Moneybox has found.

The firm’s findings come ahead of the Autumn Budget, which is being announced on 30 October.

Moneybox’s 'voice of FTBs' research, which surveyed 4,000 aspiring FTBs and 500 recently successful FTBs, also revealed key support measures that FTBs believe would be impactful in addressing the challenges they currently face.

These measures include building more affordable housing and giving FTBs priority (43%), reducing council tax for FTBs (37%) and introducing financial incentives for developers to build more affordable housing (29%).

Other measures listed include introducing financial incentives for sellers to prioritise FTBs (27%) and introducing additional charges/fees on second homeowners/buy-to-lets (21%).

Head of personal finance at Moneybox, Brian Byrnes, said that this push for support comes after the Labour Party was elected to Government under the guise of providing "wealth creation for the nation".

Brynes added: "Now, three months on, it’s been a long wait for what will unfold in the first Budget of the new Government, and it's understandable that FTBs are anxious about whether their needs will be addressed.

"While there has been much speculation around the policy changes that may or may not make it through on the day, FTBs recently received the news that the Chancellor may not be extending the current Stamp Duty relief beyond March 2025.

"At a time when affordability is already a key obstacle for those looking to get onto the property ladder, this will understandably be a major blow for FTBs, but also feels counterintuitive to the new Government’s election promise to build prosperity in the UK."

The research also revealed that FTBs recognise the role of the lifetime ISA (LISA), which since being introduced in 2017, has helped 227,600 FTBs to purchase their first home.

The LISA provides a £1,000 Government bonus for every £4,000 saved each tax year.

However, as LISA rules have not been updated since its introduction, Moneybox found that FTBs are calling for measures to futureproof the product.

Almost a quarter (23%) have called to increase the LISA property purchase price cap in line with current house price growth, while the same proportion have also called to reduce or remove the Government’s unauthorised withdrawal penalty on LISAs.

Brynes concluded: "The Government no doubt has some very difficult decisions to make; there’s no one-size-fits-all solution to address the issues facing the UK housing market, and it will no doubt require a range of tailored responses from both the government and the industry. However, we at Moneybox believe there are still some near-term pragmatic measures the Government can introduce to give FTBs some positive news this budget, without incurring significant costs to the public finances.

"One simple, yet effective, measure being; future-proofing the LISA. By simply ensuring this fantastic product continues to be fit for purpose for all those who need it most into the future by updating its rules, we can not only support the ambitions of homeownership for these people but also inject much-needed growth into our economy."

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