Stuart Anderson MP has thrown his support behind Conservative Party plans to abolish Stamp Duty Land Tax (SDLT) on family homes, which could save residents in South Shropshire £4,550 when moving home
Stuart Anderson MP said:
“Stamp duty is trapping older people in homes that are too big for them and stopping young couples who want to start a family from buying a bigger home that meets their needs. Labour promised a housing transformation that would solve this problem. However, they are failing to deliver the homes we need. Radical steps are needed to get the housing market moving again, which is why I fully support the Conservatives plan to abolish stamp duty on family homes. This would release hundreds of thousands of homes, giving families the freedom to move, grow, or downsize. This could save families in South Shropshire more than £4,000 when moving home. As every house sale brings with it extra income for local businesses, this would help hundreds of builders, decorators, removal firms, and many others."
Stuart has endorsed Conservative Party plans to abolish Stamp Duty Land Tax (SDLT) on family homes. Analysis has found that the move could save residents in South Shropshire £4,550 when moving home. The average house price in South Shropshire is currently £291,000. This incurs an SDLT liability of £4,550 at an effective rate of 1.6 per cent. First-time buyers receive relief of zero per cent on values up to £300,000. Stuart said abolishing Stamp Duty will make it cheaper for older people to downsize from homes that are too big for them, easier for young people to get on the housing ladder, and reduce the costs for young couples who want to start a family in the local area.
Stuart added that abolishing Stamp Duty will get the housing market moving by releasing hundreds of thousands of homes. Both the Office for Budget Responsibility (OBR) and the Home Builders Federation have said that Labour will miss its pledge of building 1.5 million homes by 2029. The OBR have predicted that net additions to UK Housing Stock are expected to fall from an average of 260,000 a year in the early 2020s to a low of 220,000 in 2026-27. A Survation poll found 48 per cent of people said that stamp duty was a barrier when it came to buying or selling a home. Research suggests that up to 2 million people would consider downsizing in the next five years if Stamp Duty was abolished. Even if only half of them did, that would mean a million additional homes becoming available to buy, boosting economic activity across the country.
Stuart has said that abolishing Stamp Duty would also give a huge boost to local economies struggling under the weight of Labour’s tax hikes. As every house sale brings with it extra income for local businesses, Stuart has added that abolishing Stamp Duty would help builders, decorators, removal firms, and many others in South Shropshire. According to the Office for National Statistics’ (ONS) Inter-Departmental Business Register, the constituency is home to more than 680 construction businesses. Research suggests the Conservative Party’s plans could give a £1.2 billion boost to these companies and many others across the country. The £9 billion tax cut is a key part of the Conservative Party’s Plan for a Stronger Economy. The plan is fully funded by £48 billion in savings identified by the Conservatives and backed by the Golden Economic Rule to reduce the deficit.
