New analysis has found that under plans set out by the Conservative Party families in Chelmsford could save £9,057 when moving home.
Housing has become unaffordable for many, including young people hoping to get a foot on the housing ladder. That is why, in October last year, local MP and Conservative Party Leader Kemi Badenoch announced that a future Conservative Government would abolish stamp duty on the family home.
The ambitious plan would be fully funded by cuts to the unsustainable welfare bill and other areas of public spending. It would 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 giving more people a stake in our economy.
Abolishing stamp duty would 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.
Commenting Rt Hon Kemi Badenoch MP said:
“Stamp duty is a bad tax. A future Conservative Government will scrap it, saving families in Chelmsford nearly £10,000 and giving them the opportunity to move, grow, or downsize their homes.
“Labour are failing to deliver the housing they promised. Reform has 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 again and giving people a leg up onto the housing ladder.”
