Editor's note: This brief was summarised by The Property AI Newsroom from a report by The Negotiator. Read the original article for full details.

Calls for New Chancellor to Support First-Time Buyers Ahead of Autumn Budget

Moneyfacts has warned that first-time buyers require additional support as the UK approaches the Autumn Budget. The financial data group highlighted ongoing industry concerns about potential tax changes and their impact on the property market.

Rachel Springall, Finance Expert at Moneyfacts, noted that speculation about tax is expected to increase in the lead-up to the Budget, scheduled for 28 October. Last year, rumours about new taxes were blamed for causing turmoil in the property market, and there are fears of a repeat scenario this year.

Springall referenced discussions about introducing a new ISA aimed at first-time buyers, as well as the possibility of allowing savers to access funds in their existing Lifetime ISAs without penalty. She pointed out that the house purchase cap on Lifetime ISAs has not kept pace with rising property prices since the product's launch in 2017, making it less suitable for some borrowers.

Taxation is expected to be a significant topic before the Autumn Budget. Springall also mentioned that existing plans, such as the inclusion of unused pension pots in inheritance tax liabilities from April 2027, are set to transform estate planning.

Letting agents and inventory clerks should be aware of these ongoing discussions, as changes in policy or tax could affect first-time buyer activity and the wider UK property market.