Labour's plans to scrap stamp duty relief for first-time buyers are opposed by 70% of homeowners, a new survey has revealed.
FTBs currently pay stamp duty if their home is worth more than £425,000, but this will be reduced to £300,000 in March next year. 
And Prime Minister Rachel Reeves (main photo) has confirmed that her predecessor Jeremy Hunt's decision to temporarily raise the FTB's tariff payment threshold will not be renewed before Labor takes power.
negative impact
Analysis by self-storage provider Ready Steady Store shows that the majority of homeowners now believe that Labor's plans not to reinstate stamp duty relief for FTBs will have a negative impact on the property market. There is.
More than 500 homeowners were asked about their awareness of tax changes expected in this month's budget. Additionally, 69% believe that lower stamp duty thresholds will force FTBs to choose lower value properties.
moving
Additionally, 72% of respondents said the government should use the budget to help FTBs buy their first home instead of increasing taxes.
Nearly a third of homeowners said they would try to move before the stamp duty changes come into effect, and 18% said they would wait until the Bank of England lowers benchmark interest rates further.
More and more people are having to downsize their homes. ”
Ready Steady Store Director Mehran Charania said: “This latest research is incredibly informative and highlights the level of concern UK homeowners share about the upcoming Autumn Budget.
“Although the latest data from Rightmove shows a slight rise in average property prices, we caution against caution as more people are being forced to downsize their homes and this trend is likely to increase until 2025. It is clear that there is a line to walk.”
Stamp duty cuts must be a priority for the Prime Minister, urges major lenders
