New analysis has found that under plans set out by the Conservative Party, families in North Yorkshire could save £3,606 when moving home.
Housing has become unaffordable for many, including large numbers of young people hoping to get a foot on the housing ladder. I believe stamp duty is a bad tax that makes the process of purchasing a home more expensive. It also stops older people from downsizing and prevents young couples who want to start a family from buying a bigger home.
That is why in October last year, Kemi Badenoch announced that a future Conservative Government would abolish stamp duty on the family home.
This ambitious plan – fully funded by cuts the Conservative Party will make to the unsustainable welfare bill and other areas of public spending – will get the market moving by releasing hundreds of thousands of homes.
Research suggests that up to 2 million people would consider downsizing in the next five years if stamp duty were abolished. Even if only half of them did, that would mean a million additional homes becoming available to buy, boosting economic activity and the stake people have in our economy, and helping to create a stronger economy.
Abolishing stamp duty would also give a huge boost to local economies struggling under the weight of Labour’s tax raids. Every house sale brings with it extra income for local businesses – builders, decorators, removal firms and more – with research suggesting the Conservative plans could give a £1.2 billion boost to these companies.
With Labour failing abysmally to build new homes and their 1.5 million homes target disappearing into the far distance, radical steps are needed to get the market moving again. As Shadow Housing Secretary, I believe only the Conservatives have the plan to deliver them.
