Helping people onto the housing ladder

James Brokenshire has warmly welcomed reforms to stamp duty announced by the Chancellor which should see stamp duty reduced in 98% of cases and help more people own their own home. The plans were announced in the Chancellor’s Autumn Statement.

The changes to Stamp Duty mean that from the 4 December no stamp duty is paid on the first £125,000 of a property, 2% on the portion up to the value of £250,000 and 5% thereafter. These reforms will also ensure that the most expensive properties over the value of £1.5million contribute more, with houses over this value paying 12% stamp duty.

In addition, new figures have been released showing that, in total 77 new homes have been purchased in Old Bexley and Sidcup through the Government’s Help to Buy scheme. Across the UK, Help to Buy has helped over 71,000 families buy their own home – with over 80 per cent of sales going to first-time buyers. 94 per cent of sales have been in areas outside of London with the average price of a home bought under the scheme around £180,000, well below the national average.

Commenting on the stamp duty announcement and the new Help to Buy figures, James said:

“The Government has worked hard to help people get their feet on the housing ladder. It is great news that the Help to Buy scheme is helping first time buyers who can afford their monthly payments but may not have large amounts of savings for a deposit, to find their first home.”

“In addition, the reforms to Stamp Duty announced by the Chancellor are a clear demonstration of Conservative plans to cut taxes and help remove some of the costs of moving home.”