With the Election now just weeks away, the political parties are in full swing with their campaigns for victory. Labour’s latest communications include reducing Stamp Duty Land Tax (SDLT) to nil for first time buyers for homes up to the value of £300,000, for at least three years.
What effect will this have for people getting on the property ladder?
Fulfilling the “British” dream
The SDLT restructure is already saving new property owners thousands of pounds but should Labour win the election on 7 May, they are promising further benefits to first time buyers.
Ed Miliband referred to home ownership being a very “British” dream and one that the Labour government want to help see fulfilled, as for so many young people these days it is out of reach.
The new reform would save first time buyers up to £5,000 and 9 out of 10 new property owners would benefit.
Locals have priority
As part of the same speech, it was mentioned that changes would be made to ensure locals have priority over house purchases as it is a regular occurrence that properties come and go before locals get a chance to show an interest.
Therefore, the Labour promises extend to imposing higher taxes for foreign buyers as well as ensuring that at least half of new properties are available for local residents.