Labour promise to remove first-time buyer stamp duty

In a bid to appeal to younger voters who are concerned about the housing crisis, the Labour party have announced plans to reduce the number of landlords raising their rent above the rate of inflation. Most recently, they have also announced a plan to end any stamp duty applied to first-time buyers if they win power.

Their new policy would remove the stamp duty applied to homes with a value of £300,000 or less, allowing buyers to save around £5,000 on average on their purchase. Ed Miliband spoke last month in Stockton, Teesside, regarding the policy and said that we need to take action to address the falling levels of home ownership in the UK. He went on to say that owning a home is a dream for many, but it is unfortunate that it’s out of reach for many people. The proposals are intended to take steps to assist people in their climb back onto the property ladder.

In the speech, Miliband also said that the party will address fears that new builds may be used as investment opportunities rather than as much-needed homes. This means that they will aim to provide communities where British first-time buyers get first pick of properties, rather than overseas investors in search of buy-to-let houses. Of course, we will need to wait and see what results the election brings to see if these proposals actually happen. However, it will be interesting to see how the UK’s property market will be affected by the election.

If you are interested in property investment or letting an existing property, we can help. We specialise in property investments and property, estate and block management in Kingston Upon Thames and throughout the rest of London. Our knowledgeable team will help you to deal with whatever changes the next few years bring, ensuring that you are always up to speed with the changing property market and are able to reach your goals as an investor, renter, buyer or seller.