Labour Promise First Time Buyer Stamp Duty Reduction

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With just over a week until the General Election, the parties are pulling out all the stops to win your vote.

This week saw the announcement by Labour leader Ed Miliband that their Government would look to assist First Time Buyers in the abolition of Stamp Duty on house purchases up to £300,000. This move would be thought to benefit 90% of First Time Buyers and would save them £5,000. The scheme would be in place for the first 3 years of a Labour Government.

Ed Miliband stated: “It is simply too expensive for so many young people to buy a home today, saving up for the deposit, paying the fees and having enough left over for the stamp duty. So we’re going to act so we can transform the opportunities for young working people in our country. For the first three years of the next Labour government, we will abolish stamp duty for all first-time buyers of homes under £300,000.”

He also announced other housing policies including;

First Call – This would enable first time buyers to have the choice of 50% of the homes being built in their local area.

Local First – A policy designed to prevent foreign buyers from buying properties before local buyers have had the opportunity.

These promises will be welcomed by many First Time Buyers and with Labour promising to build 1million new homes in the next Labour Government, could they win your vote?

If you would like further information about First Time Buyer mortgages or the Help to Buy Schemes and the Help to Buy ISA, why not get in touch?

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