James Brokenshire has declared his support for the Chancellor’s ambitious plans to abolish stamp duty for first time buyers on properties up to the value of £300,000. In more expensive areas, stamp duty will be removed on the first £300,000 of properties worth up to £500,000, to ensure that young people in London and the South East are also able to benefit from this measure.
This important reform to Stamp Duty will make owning their own home a reality for many more young people, building on the 320,000 first time buyers that have already been supported through Help to Buy.
However, there is also a need to increase housing supply. Building homes is a complex process, comprising planning regulations, investment and support for the skills and SMEs that are required to unlock the homes needed for the next generation. The Government has set a target to deliver 300,000 homes per year, investing up to £44billion in Government support to increase housebuilding.
Commenting James said:
“The Prime Minister underlined her commitment to make housing the key domestic priority of her Government and this Budget is another step towards delivering the change we need to see. 217,000 new homes were built last year, bringing the total number built since 2010 up to 1.1million. These measures will allow us to go even further in ensuring supply matches demand”
“The changes on Stamp Duty will also help to hand many more young people the keys to their own front door and I welcome news that the increased cost of housing in London and the South East will be taken into account in this new measure.”