Our purpose as a lender is to make homeownership accessible to more people for generations. However, as a result of affordability constraints and limited housing supply, the likelihood of becoming a homeowner is much higher.
In October, Prime Minister Rachel Reeves announced a number of measures to address some of these challenges. 
The Government has confirmed £5 billion of investment in development and construction and increased funding for affordable housing programmes.
Building more homes, including affordable homes, is a key part of solving the national housing crisis, with the government's ambition to build 1.5 million homes over the next five years. could have a significant positive impact on the mortgage industry.
But the new chancellor's decision not to retain stamp duty relief for first-time buyers paying up to £425,000 for a home could spark a surge in activity among those affected before falling off a cliff. Highly sexual.
Approximately one in five first-time buyer transactions are expected to be affected by the April 1 changes, which could have a significant impact on activity in the new year.
Our calculations show that from April onwards, buyers will have to pay stamp duty on 93% of properties on the market in the UK under the new rules.
There are regional differences in this data. In Yorkshire, for example, buyers will pay stamp duty on 49% of homes currently on the market. However, once the anticipated changes come into effect, this percentage will increase to 86%.
In addition to this, the changes mean that the average first-time buyer renting privately in London will need up to an additional 12 months of savings to buy their property, plus an additional 25.8% in savings. It is expected to take a year. Average initial down payment for a private rental in London.
The housing market has changed dramatically in recent decades, with first-time buyers paying 16 times more for a home in 2022 than in 1982. Meanwhile, the total return was only 7x.
With fewer young people earning above average incomes and receiving financial support from their parents, we believe things need to change if homeownership is to become a realistic aspiration. .
Decades of under-building by successive governments have created a situation where demand and supply imbalances have driven up house prices and put significant pressure on their respective tenures.
We all know that having a place to call home adds value to our lives. As a mutual aid, we were founded to help people own their own homes, save for their futures, and create a sense of belonging in communities across the country.
I was very happy to see the government's commitment to social and affordable housing and the renewed interest in housing construction.To solve this problem, our country needs to improve the stability of its housing market. We need to develop long-term, coordinated plans for .
This must be a plan focused on delivering more homes, helping first-time buyers save on down payments, and expanding affordable routes to homeownership.
Martez Carton is Mortgage Distribution Director at Leeds Building Society
