First-time buyers need family support

According to a report by Skipton Group, only 11.5% of potential first-time buyers can afford to purchase a home independently, highlighting a significant reliance on family financial support. Stuart Haire, chief executive of Skipton Group, warned that the "chronic lack of affordability is about to get even worse" due to upcoming changes in stamp duty, which will increase costs for first-time buyers. He urged the government to maintain the current nil rate stamp duty threshold of £425,000 and adjust it annually for inflation, saying: "We know the public finances are tight, but we urge the government not to move the goalposts." 

The Times (18/02/2025)