- The Conservatives’ plan to abolish stamp duty on the family home could save families in Chorley £1,770.
- The plan will make it cheaper for older people to downsize, easier for young people to get on the housing ladder and reduce the costs for young couples who want to start a family.
- The tax cut, a key part of the Plan for Stronger Economy, is fully funded by spending cuts and backed by our Golden Economic Rule to cut spending and reduce the deficit.
NEW analysis has found that under plans set out by the Conservative Party families in Chorley could save £1,770 when moving home.
Housing has become unaffordable for many, including large numbers of young people, hoping to get a foot on the housing ladder. 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.
The ambitious plan – is fully funded by cuts that 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 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 – leading to 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. Only the Conservatives have the plan to deliver them.
Chorley Conservative Chairman Peter Malpas said:
“The Conservative Party’s plan to scrap Stamp Duty on the family home is a moral and economic good.
“Our plans will remove barriers on homeownership and aspiration, and give families the freedom to move, grow, or downsize their homes. New analysis shows it could save families £1,770 in Chorley.
“Labour are failing dismally to deliver the housing transformation they promised. Reform have no plan at all. Liberal Democrats voted against our plan. The Conservatives are the only party that will get the housing market moving and help people achieve the dream of home ownership.”
Sir James Cleverly MP, Shadow Secretary of State for Housing, Communities and Local Government, said:
“Stamp duty is a bad tax. It is a tax on aspiration, on working hard and investing to provide security for your family. And it stops people setting down roots in their communities.
“These latest figures reveal once again the heavy burden stamp duty is placing on first-time buyers on Labour’s watch. Combined with total failure to deliver new homes, these costs are stopping people from realising the dream of homeownership.
“Only the Conservatives will scrap stamp duty on the family home, getting the market moving and giving young people a leg up onto the housing ladder.”
