Just under half (47%) of first-time buyers have paused their homebuying plans until after the Autumn Budget, new research by eXp UK has revealed.

The estate agency said its findings come as uncertainty around potential tax and housing policy changes continues to weigh on buyer confidence.

eXp UK’s study, based on a survey of 1,107 UK first-time buyers, also quizzed the respondents about the biggest barrier preventing them from buying their first home. Two in five (41%) cited the high deposit and savings requirement driven by rising house prices, making it the most significant obstacle to homeownership.

A lack of Government schemes for first-time buyers ranked second (21%), followed by a lack of suitable homes within budget (19%), longer-term mortgage affordability (12%), and the impact of stamp duty or other upfront costs (6%).

“Despite standing at the starting line when it comes to the homeownership journey, the nation’s first-time buyers are showing a remarkably mature and long-term perspective ahead of this year’s Autumn Budget,” said head of eXp UK and Europe, Adam Day.

“They aren’t asking for short-term giveaways or political point-scoring in the form of a stamp duty cut, which would only fuel demand and push house prices even higher.”

This focus on genuine affordability was reflected in what buyers said they would most like to see announced in the Autumn Budget.

Around half (48%) of respondents to eXp UK’s study want to see new or expanded Government schemes such as Help to Buy or the Mortgage Guarantee Scheme, compared to just 26% who favoured the elimination or reduction of stamp duty.

“[First-time buyers] want to see meaningful reform that tackles the real issues such as the chronic shortage of affordable housing, the high cost of deposits, and the need for practical mortgage support that makes buying sustainably affordable over the long term,” added Day.

“It’s a clear message to the Government that first-time buyers aren’t looking for gimmicks; they’re looking for genuine solutions.”

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