In the six weeks since it was announced, the first-time buyer Stamp Duty cut has already helped around 16,000 people access the housing ladder.
This is according to Prime Minister Theresa May, who also stated that the cut could benefit up to a million prospective homeowners over the next five years.
Originally announced in November’s Budget Statement, Chancellor Philip Hammond stated that the change would mean 80% of first-time buyers would not have to pay stamp duty at all.
Commenting today on the immediate impact of the reform, the Prime Minister stated “I have made it my personal mission to build the homes this country needs so we can restore the dream of home ownership for people up and down the UK.
“We are building a Britain that is fit for the future and our message to the next generation is this – getting on – and climbing up – the housing ladder is not just a dream of your parents’ past, but a reality for your future.”
However, not everyone was so positive about the change. Commenting on the side effects of the reform was John Healey, with the Labour shadow minister stating that the cut could increase house prices and fail to address other pressing issues in the housing market.
He stated: “Under the Tories the number of new low-cost homes for first-time buyers has halved and not a single one of the 200,000 ‘starter homes’ promised has been built.
“After almost eight years of Conservative failure on housing, homelessness has doubled, home-ownership has fallen to a 30-year low and the number of new social rented homes is at the lowest level since records began. It’s clear Theresa May has no plan to fix the country’s housing crisis.”
One Response
16,000 people have not been helped to access the housing ladder; 16,000 people that were already in the process of buying a property have completed their transactions without having to pay SDLT.
It will only be when we have had a full year of the new rules and can compare like with like that we will be able to see what the difference in numbers is.