2 in 5 homeowners would welcome government intervention to reduce local property prices

Two in five homeowners would support government intervention to reduce house prices in their local area, according to a YouGov poll.

The survey involved almost 1,700 adults, split between homeowners and non-homeowners, and asked them a series of questions on how the government should address the issues in the UK housing market.

Asked to what extent they would support or oppose the government bringing house prices down a “moderate amount”, 41 percent of homeowners backed the idea, compared to 68 percent of non-homeowners who backed it.

Testing levels of support

The YouGov poll was carried out after the Autumn Budget in November when Stamp Duty Land Tax for first-time buyers was abolished on the first £300,000 of any property transaction. At the time Prime Minister Theresa May had promised to take “personal charge” of the housing crisis, where a combination of rising prices and shortage of supply means fewer people have the chance to get on the property ladder.

The poll was specifically designed to examine the levels of support for government attempts to push for more house-building and to bring house prices down.

Respondents were asked their attitude to reducing house prices and building more homes, both on a national and at a local level. Attitudes to government intervention on house prices depended on whether the respondent was a homeowner or not, but there was greater support across all tenures for increasing the number of new homes being built locally.

The full survey results can be viewed at YouGov.

Housing given increased profile

Along with stamp duty changes in the Budget, Chancellor Philip Hammond also pledged an extra £44 billion of funding to help build 300,000 homes every year in England by the mid-2020s.

And in the Cabinet reshuffle on January 8, the importance of housing in government priorities was reflected with the rebranding of the Department of Communities and Local Government as the Ministry of Housing, Communities and Local Government with Sajid Javid MP becoming Housing Minister.