The Conservative Party plan to abolish Stamp Duty for the family home could save homeowners who want to move in Brentwood and Ongar an average of £15,500.
The plan to cut stamp duty on the family home is opposed by Labour Party, the Liberal Democrats and Green Party.
Stamp duty is a key blocker to purchasing homes for first time buyers and moving home which is why Kemi Badenoch and the Conservative Party announced plans to abolish it for the family home (primary residence). This will be fully funded by implementing a £47 billion Savings Plan.
Scrapping stamp duty will help young people to get a foot on the housing ladder, help young families to buy a bigger home if they want to grow their family and remove a key obstacle older people face when wanting to downsize.
The Conservatives’ plan will save first-time buyers across the country; a first-time buyer purchasing an average price property in London set to save £2,300 in the East Midlands, £5,300 in the South West and £9,000 in the South East. Ind Brentwood and Ongar this could save first-time buyers £15,500.
In comparison to the Conservative plan, Rachel Reeves is widely expected to increase the cost of owning a home at the Budget. This could include the creation of a new property tax on homes over £500,000 as well as increases to Council Tax.
The Conservatives announcement is part of their fully costed plan to deliver a stronger economy for the country.
Commenting following the vote, Sir Mel Stride MP, Shadow Chancellor, said:
“Stamp Duty is an un-Conservative tax. It punishes those who want to work hard and get on in life, forcing those with ambition to pay a penalty for aiming high. It is shameful Labour MPs backed by the Lib Dems failed to vote in favour of controlling public spending and abolishing this dreadful tax for families who want to move home and put down roots in their communities. By freeing up our housing market, allowing workers to move jobs and families to grow, we can build a fairer society and a stronger economy.
“Rachel Reeves’ economic mismanagement is making ordinary people suffer. Labour MPs should have joined us this afternoon in demanding she controls spending and scraps stamp duty so we can get Britain growing again.”
Alex Burghart, the MP for Brentwood and Ongar said:
“The Conservative Party’s plan to scrap Stamp Duty for the family home is a moral good, and an economic good. Our plans will remove barriers on homeownership and aspiration, and give families the freedom to move, grow, or downsize their homes. This is part of the Conservatives Party, under Kemi Badenoch’s leadership, commitment to delivering a stronger economy.”
