I remember that feeling of getting the keys to my first home and we must ensure we do all we can to make this a reality for everybody who wants to buy their own home. That is why I am supporting the Conservatives plan to cut stamp duty for first time buyers and the launch of a new Help to Buy scheme to make this a reality for many more young people across Castle Point.

Rebecca Harris

Owning a home makes people more financially secure and gives them a stake in society. As the party of the property-owning democracy, we want to give more people the chance to buy their own home. That is why we are making a manifesto commitment to ensure the vast majority of first-time buyers pay no Stamp Duty at all by increasing the threshold from £300,000 to £425,000 and increasing the threshold at which first-time buyers can access Stamp Duty relief.

Together with our new Help to Buy scheme, this clear plan will secure the future of homeownership for thousands more first-time buyers. Under Labour, some first-time buyers would pay over £11,000 more in Stamp Duty, taking us back to square one.

We are doing this by:

• Raising the threshold at which a first-time buyer pays Stamp Duty from £300,000 to £425,000, meaning the majority of first-time buyers do not pay Stamp Duty. We will ensure the vast majority of first-time buyers pay no Stamp Duty at all by making permanent the increase to the threshold at which first-time buyers pay Stamp Duty to £425,000 from £300,000, which we introduced in 2022.

• Permanently increasing the upper threshold for first-time buyers accessing Stamp Duty relief. These thresholds were temporarily increased in 2022 and are due to expire at the end of March 2025. 

• Saving first time buyers thousands of pounds in upfront costs, enabling them to buy a home more quickly. We expect this measure to generate 5,000 additional first-time buyer transactions a year by 2029. It will save first-time buyers up to £11,250. Without this measure, it has been projected that 30% of first-time buyers will be paying more Stamp Duty.

• Launching a new and improved Help to Buy scheme, helping more first-time buyers take their first step onto the housing ladder. Under the new scheme, first-time buyers will be offered a 20% equity loan towards a new build property, enabling them to buy their first home with a 5% deposit. The scheme will be available to hundreds of thousands of families.

• Building on our progress of supporting 892,000 families to buy their own home since 2010, thanks to Government support. Thanks to Government-backed schemes such as the Right to Buy scheme and the Help to Buy: Mortgage Guarantee scheme, 892,000 families have bought their own homes since 2010.

The last Labour Government oversaw the lowest level of housebuilding since the 1920s. In the year to June 2009, under the last Labour Government, only 75,000 new homes were started.

Our plan will mean the vast majority of first-time buyers pay no Stamp Duty. Those buying a home between £425,000 and £625,000 will also get relief. This will help young people to buy a home in which they can start a family, particularly in areas of the country where it is hardest to get onto the property ladder.