Kemi Badenoch has announced the next Conservative Government will fully abolish Stamp Duty on the purchase of homes for primary residence, as part of our plan to build a stronger economy.
Conservatives believe that owning your own home gives you a real stake in society, and roots in your community. But our housing market is not working today. Young people are trapped renting, working parents are penalised if they want more space to raise a family, and there are obstacles to pensioners who want to downsize – that makes our economy weaker.
James Wild MP has welcomed the commitment that the next Conservative Government will abolish stamp duty for primary residences; this will make our economy stronger and will help families achieve the dream of home ownership. He said
Stamp duty on property is among our worst and most damaging taxes as it gums up the housing market and labour market. It also keeps people who don’t need them in houses that are too big for them, thus reducing the supply available to growing families; and it serves to reduce labour mobility’
Crucially, it will unlock a fairer and more aspirational society where everyone can have a stake. And our changes will benefit people of all ages.
The policy will cost £9 billion a year funded through our £47 billion savings plan. Backed by our Golden Rule that every pound we save, half will go towards reducing the deficit, and the rest will go to getting our economy growing. This is a clear Conservative plan for an aspirational country to deliver a stronger economy and stronger country.
