New analysis has found that, under plans set out by the Conservative Party, families in Redditch Borough could save £2,460 when moving home.
Housing has become unaffordable for many, including large numbers of young people, hoping to get a foot on the housing ladder. Stamp duty is a bad tax that makes the process of purchasing a home more expensive. It also 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, Kemi Badenoch announced that a future Conservative Government would abolish stamp duty on the family home.
In Redditch Borough this could save families £2,460 and in Wychavon it could save families £6,676.
The ambitious plan - which is fully funded by cuts that the Conservative Party will make to the unsustainable welfare bill and other areas of public spending – will get the market moving by releasing hundreds of thousands of homes.
Research suggests up to 2 million people would consider downsizing in the next five years if stamp duty were 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 – with research suggesting the Conservative plans could give a £1.2 billion boost to these companies.
With Labour failing abysmally to build new homes and their 1.5 million homes target disappearing into the far distance, radical steps are needed to get the market moving again. Only the Conservatives have the plan to deliver them.
Fin Heath, Conservative Candidate for Webheath and Callow Hill, said:
"The Conservative Party’s plan to scrap Stamp Duty on the family home is a moral and economic good.
“Our plans will remove barriers on homeownership and aspiration, and give families the freedom to move, grow, or downsize their homes. New analysis shows it could save families £2,460 in Redditch.
“Labour are failing dismally to deliver the housing transformation they promised. Reform have no plan at all. Liberal Democrats voted against our plan. The Conservatives are the only party that will get the housing market moving and help people achieve the dream of home ownership.”
