Epping Forest MP Dr Neil Hudson has welcomed Conservative plans to abolish stamp duty on the family home which will save money for families in Epping Forest. The plan will make it cheaper for pensioners to downsize, and easier for young people to get on the housing ladder. The tax cut, a key part of the Plan for Stronger Economy, is fully funded by spending cuts and backed by the Conservatives’ Golden Economic Rule to cut spending and reduce the deficit.
Housing has become unaffordable for many, including large numbers of young people, hoping to get a foot on the housing ladder. Stamp duty makes the process of purchasing a home more expensive, stops older people from downsizing, and prevents young couples who want to start a family from buying a bigger home.
That is why in October last year, Leader of the Opposition Kemi Badenoch announced that a future Conservative Government would abolish stamp duty on the family home.
The ambitious plan – that is fully funded by savings that the Conservative Party will make, will get the market moving by releasing thousands of homes.
Research suggests up to two million people would consider downsizing in the next five years if stamp duty was abolished. Even if only half of them did, that would mean a million additional homes becoming available to buy, boosting economic activity and the stake people have in our economy – leading to a stronger economy.
Abolishing stamp duty would also give a huge boost to local economies struggling under the weight of Labour’s tax raids. Every house sale brings with it extra income for local businesses – builders, decorators, removal firms and more.
Dr Hudson has stood up for this Conservative policy in the House of Commons, doing so in a House of Commons Debate the very same month it was announced, using that opportunity to also challenge the Labour Government for its top-down imposition of planning rules that threatens the Epping Forest’s precious Green Belt.
Welcoming the plan, Dr Neil Hudson MP commented:
“The Conservative Party’s plan to scrap Stamp Duty on the family home is the morally right and economically sensible thing to do and will save money for folk here in Epping Forest.”
"Our plans will remove barriers on homeownership and aspiration, and give families the freedom to move, grow, or downsize their homes as they wish."
The Conservatives are the only party that will get the housing market moving and help people achieve the dream of home ownership.”
