Ahead of the 2017 Budget, Eastleigh MP Mims Davies lobbied the Treasury to bring in a cut to Stamp Duty in order to help first-time buyers on to the property ladder. Figures released THIS WEEK have shown that 180,500 first-time buyers have benefitted from the cut in Stamp Duty and bought their first home.
Making the announcement at last year’s Budget, the Chancellor in the House of Commons Chamber confirmed that he was abolishing stamp duty for first time buyers purchasing a property worth up to £300,000, while also introducing a stamp duty cut on the first £300,000 of the purchase price of properties worth up to £500,000, to assist those buying in more expensive areas. He highlighted this had been an ideal from the MP he was keen to deliver on.
Welcoming the figures, Eastleigh’s local MP Mims Davies said:
“I am absolutely delighted by these figures, showing that this policy is making a REAL difference to people’s lives, and helping people – particularly our younger people – to buy their first home.
“So many of the young people that I have spoken to in my constituency said that although they have worked and saved hard, stamp duty was stopping them from buying their first home. They saw too many houses springing up they could not save for. Both they, parents and grandparents told me they didn’t see how they could be home owners across my constituency. I am so pleased this cut in stamp duty has totally changed this opportunity for our younger generation.
“Many of those same people said that they instead found themselves paying off another person’s mortgage through rent when they could have been paying off their own. That has to change, and this cut in stamp duty is helping to bring about that change.
“I was also really pleased that Stamp duty relief has now also been extended to include shared ownership properties, meaning even more people will be able to have a stake in their own property. Tackling the housing crisis has been a priority for this Government and that was reflected in my meeting this month with the new Eastleigh based Radian Homes Chief Exec Gary Orr in Hedge End. I am determined that local families will be able to have the right home in the right place to meet their needs. ”