Rightmove has urged the Government to consider removing stamp duty for first-time buyers, arguing that the change could make homeownership more affordable while encouraging developers to build more homes.

The call comes as the number of new-build developments coming onto the market has fallen to its lowest level since 2017. With fewer new homes being built and mortgage rates remaining higher than they were just a few years ago, many first-time buyers continue to face significant challenges getting onto the property ladder.

Why Rightmove Wants Change

According to Rightmove, abolishing stamp duty for first-time buyers on both new-build and existing homes would reduce the upfront costs of buying a property, making homeownership more achievable.

The property portal also believes further investment in affordable housing and targeted government support could help stimulate demand, giving developers greater confidence to build more homes.

New-Build Market Under Pressure

Despite there being more homes available for sale overall than four years ago, new-build developments remain in short supply.

Higher borrowing costs, increased construction expenses and ongoing economic uncertainty have all contributed to developers slowing the pace of new projects. This raises concerns that the Government's ambitious housebuilding targets could become increasingly difficult to achieve.

Existing Support May Not Go Far Enough

While schemes such as First Homes continue to offer discounts on selected new-build properties, industry figures believe additional support is needed.

Suggestions include reforming stamp duty, increasing investment in affordable housing and reviewing existing first-time buyer savings schemes to ensure they reflect today's property prices.

What This Means for Buyers

For first-time buyers, any reduction in stamp duty could lower the amount of savings needed before purchasing a home. However, there is currently no confirmation that the Government intends to introduce these changes.

In the meantime, buyers may still benefit from the increased choice available in the existing homes market, where higher stock levels are helping to keep price growth relatively subdued and giving purchasers more room to negotiate.