A survey carried out by Rightmove of over 34,000 homeowners and renters identified what they wanted to see from this Labour government’s first Budget.
Some 44% of existing homeowners said they wanted the buying process to be simpler, topping their list of priorities.
Ranking second and third on their wish list were stamp duty reform (43%), which was also the top priority for landlords, and the offer of incentives to help them make green improvements to their homes (41%).
EPC laws rank bottom
Bottom of the list of announcements that landlords want to hear from Chancellor Rachel Reeves’ Budget was the introduction of legislation to improve the energy efficiency of homes (12%).
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The government plans to make it mandatory for all rental properties to have a minimum Energy Performance Certificate (EPC) rating of C by 2030, and separate Rightmove research has revealed concerns about the potential costs to landlords in reaching this target.
Tim Bannister, Rightmove’s property expert, said: “Buying a home is a complicated process, somewhat understandable given the large sums of money involved, but there is lots of room to improve the fundamentals of that process.
“It takes around seven months from advertising a property for sale to completing the transaction, which is quite extraordinary. It’s frustrating, can be costly, and is a significant source of nail-biting stress for both homemovers and agents that agreed sales are not turned into completed transactions more quickly.
“Innovations [that] can speed up and simplify the home buying process should be supported and encouraged.”
Landlords need clarity
Christian Balshen, Rightmove’s head of lettings, suggested financial incentives and clarity over what is expected of them would help landlords.
Balshen said: “Landlords, like all investors, value certainty about the cost of their investments.
“We know that over half of landlords are concerned that the government is going to introduce costly charges if green improvements are not made.
“Therefore, clarity must come very quickly on what is likely to be expected of landlords and any funding that may be available to them. Without this clarity, there’s a growing risk that more landlords may choose to exit the market.”
The Budget will be announced on 30 October.
