New analysis has found that under plans set out by the Conservative Party families in North West Essex could save £13,000 when moving home.
Housing has become unaffordable for many in Chelmsford and Uttlesford, 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, local MP and Leader of the Conservative Party Kemi Badenoch announced that a future Conservative Government would abolish stamp duty on the family home.
The ambitious plan – 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.
Commenting, Rt Hon Kemi Badenoch MP for North West Essex and Leader of the Conservative Party said:
“Stamp duty is a bad tax. A future Conservative Government will scrap it, saving families across North West Essex £13,000 and giving them the opportunity to move, grow, or downsize their homes.
“Labour are failing to deliver the housing they promised. Reform have no plan at all and the Liberal Democrats voted against our plan . “Only the Conservatives will scrap stamp duty on the family home, getting the market moving and giving young people a leg up onto the housing ladder.”
