As property experts have already warned, restricting the scheme to new builds risks inflating developer profits rather than expanding supply. The average price of a new-build property stood at £396,889 in May against £283,194 for existing stock, according to data cited by SAM Conveyancing.
On stamp duty, Quinn argued that scrapping it would primarily benefit older buyers looking to downsize rather than first-time buyers. “Scrapping stamp duty, I think the main effect that would have is people at the top of the ladder that are older looking to downsize, and then all the smaller properties are then getting filled up again. Longer term, those smaller properties are going to end up going up in value because there’s that much demand for them.”
Reaching first-time buyers
Quinn raised a less-discussed barrier to homeownership. The knowledge gap among potential buyers who do not believe getting a mortgage is possible.
“A lot of people I meet, and conversations I have with people just from out and about, they don’t think it’s possible. They think house prices are too high, interest rates are too high, so it’s hard to raise a deposit. Then just after a quick chat, they’ve sort of got a bit more optimism about them in the fact that they potentially could buy sooner than they think.”
What does the Budget mean for landlords?
On the private rented sector, Quinn’s message is direct. Leave it alone. Following the Renters’ Rights Act – which came into force in phases from 1 May, abolishing assured shorthold tenancies (ASTs) and ending no-fault evictions in England – he said landlords needed stability more than further intervention. “The Renters’ Rights Act was quite a big change for some landlords, so I think just leave them be for the time being.”
