Taylor Wimpey boss calls for more help for first-time buyers

The boss of one of Britain's biggest housebuilders has urged the government to announce more support for first-time buyers to revive a property market that has cooled in the "very long shadow" of the looming budget.

- Julia Kollewe

Jennie Daly, the chief executive of Taylor Wimpey, also warned against an “accumulation of regulation”, arguing that a “perverse outcome” of green measures could mean that it becomes unviable to build new homes in poorer areas of the country.

The expiry of a stamp duty holiday in March marked the first time in 60 years that there was no direct support scheme targeted at first-time buyers, Daly said.

She called for a similar property tax break, or the reintroduction of a help-to-buy equity loan scheme to aid first-time buyers, but said she had “limited expectations” this would happen in the 26 November budget.

The government's previous help-to-buy programme, which offered a 20% loan for new-build homes, assisted mostly first-time buyers to purchase 387,195 properties in the decade to March 2023, when it ended in England and Scotland. However, it was criticised for boosting housebuilders’ profits and causing house prices to rise, particularly in London.