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Election 2015: End of stamp duty for first time buyers

This is a great proposal and one we have been shouting about for some time. It doesn’t make sense to introduce financial schemes like Help to Buy and Help to Buy ISAs for first-time buyers and then land them with a big stamp duty bill. The removal of stamp duty on first-time buyers makes sense.

April 27, 2015

Ed Miliband cuts first time buyer stamp duty

Ed Miliband proposes to cut stamp duty for first time buyers

Ed Miliband will today announce details of how the Labour Party would cut stamp duty for first time buyers.

The Labour leader said “Nothing is more British than the desire of homeownership. But it is so out of reach for so many in our country.”

Under the new proposals it is expected first-time buyers would be exempt from stamp duty when buying homes for less than £300,000 under a Labour government.

The Labour leader will call for urgent action to tackle low house-building levels and falling home ownership.

Under Labour’s plans, local residents would get “first call” on up to half of new homes in their area for a time.

Our verdict

Paula Higgins, chief executive of the Home owners Alliance said in response:

“This is a great proposal and one we have been shouting about for some time. It doesn’t make sense to introduce financial schemes like Help to Buy and Help to Buy ISAs for first-time buyers and then land them with a big stamp duty bill. The removal of stamp duty on first-time buyers makes sense.”

“We first proposed the removal of stamp duty for first time buyers in 2013 here. We urge all politicians to have a closer look at our modest proposal – not only is it a winning policy for the left and the right, but it is also cost neutral. The idea is simple, and the reasoning unarguable: to cut stamp duty for aspiring homeowners and first time buyers, and pay for it by increasing stamp duty on buy-to-let landlords, property investors and second home owners.”

Read more about our fairer stamp duty proposal here >>>

Ed Miliband proposes to let local residents have first call

On the proposal to let local residents have first call on half of new homes, Paula Higgins said:

“In our 2015 HomeOwner Survey, 80% of people support the advertising of new homes in the UK before they are marketed abroad. This is the most popular housing policy overall. In light of this, we welcome the proposal to market homes locally first.”

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