Britain’s biggest homebuilders are urging ministers to reverse the recent hikes in stamp duty to help first-time buyers.
The end of a temporary tax break in April saw the amount first-time buyers could spend on a house before the levy kicked in fall from £425,000 to £300,000.
Bellway chief executive Jason Honeyman said he and other firms are now asking ministers to reverse the move and establish a deposit support scheme for first-time buyers to boost market sentiment.
Warning that ‘sentiment is low’ and needs ‘a lift’, he said: ‘Can we undo the stamp duty costs that were imposed on first-time buyers in April. And can we have a long-term deposit support scheme for first-time buyers.’
Bellway is urging ministers to boost sentiment by helping first-time buyers
He added: ‘Not every young person has the benefit of the bank of mum and dad or family financial help to support them.
‘If we can have that support, which isn’t big numbers at the bottom of the housing ladder, we think that will improve the sector and get the market moving.’
The comments came just days after Tory leader Kemi Badenoch made a surprise promise to scrap stamp duty on British people buying their main homes.
Reporting a 21pc rise full-year profits to £221.9m, Bellway warned of ‘weak consumer sentiment which has carried from late spring’.
This followed the rise in stamp duty and comes amid worries about further tax hikes in the November Budget.
‘Customer demand has been affected by ongoing affordability constraints and uncertainties about potential taxation changes in the Government’s Budget in November 2025,’ Bellway said.
Mr Honeyman added: ‘Bellway remains very well-positioned to continue delivering much needed high-quality new homes in the years ahead.
‘However, supportive Government policy is essential for the industry to drive a meaningful and sustained increase in housing output.
‘The Government must demonstrate its commitment to accelerating housebuilding by driving through planning reform and addressing the affordability constraints facing first-time buyers across the country.’
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