New Labour plans could see first-time buyers getting the chance to buy new-build homes ahead of buy-to-let landlords.

A new survey by GetAgent.co.uk has revealed that over half of estate agents (56%) support giving first-time buyers “first dibs” on new homes.

This policy – previously suggested by Boris Johnson in 2019 – could give those struggling to get on the property ladder a better chance.

Estate Agents Optimistic About Labour Housing Market Plans

The survey of 1,000 estate agents also found that:

• A small majority (56%) believe that the change of government to Labour will be positive for the housing market.
• Almost two-thirds (63%) anticipate the housing market picking up in the coming months.
• Less than half (42%) believe that increased market activity will lead to house price growth.

The survey suggests that estate agents are optimistic about Labour’s plans for the housing market, which also include:

• Reforming the planning system.
• Setting a new target of 1.85 million new homes.
• Leasehold reform.

Interest Rate Cuts Could Boost The Market

Despite this optimism, estate agents believe that the biggest factor affecting the housing market is interest rates. With higher mortgage rates continuing to impact affordability for buyers, many experts believe that the base rate needs to fall before the market can fully recover.

Colby Short, Chief Executive at GetAgent.co.uk, said: “The election result doesn’t seem to have been a floodgate moment in this respect and while many estate agents believe the result to be a positive one, it’s likely to be a cut to interest rates that really revitalises the market.”

“The good news is that this seems very much on the horizon and preparation is key when it comes to setting the foundations required to capitalise on such a surge in market activity, both with respect to the available stock on agents’ books and the suitable resources in place to cope with the increase in workload.”