Labour will help first-time home buyers by scrapping stamp duty

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Labour will put first-time buyers first by reducing stamp duty to zero and giving them priority access on new homes built. 

Labour will tackle the housing crisis by building the homes local people need and taking action on rents.

It will be the biggest house-building programme for a generation, increasing the number of affordable homes, with secure three-year tenancies and rents capped. 

The shortage of new homes being built has priced thousands of local people out of the property market in Ashton, Droylsden and Failsworth and left many who want to buy living in private rented accommodation, says Angela Rayner.

Angela said: "The Tories have presided over the lowest rates of housebuilding since the 1920s, the lowest rate of home ownership for 30 years and a market where private landlords have exploited the desperation of tenants."

Labour will: 

  • Help you with your first home: Labour will reduce stamp duty to zero for first time buyers of homes worth up to £300,000 – saving as much as £5,000 for people trying to get on the property ladder.
  • First Call: Labour will give first-time buyers that have lived in an area for more than three years “first call” on up to half of homes built in their area.
  • Local First: Labour will stop foreign buyers buying up properties before local buyers get a look in by increasing taxes paid by foreign buyers and council tax for empty homes. 

Angela said: "Labour will start construction on 1 million new homes by 2020 to get 200,000 homes built a year, with new “use it or lose it” powers to ensure developers build on land rather than hoarding it.

"We will enable councils to levy council tax especially on brown field sites which remain undeveloped.

"Labour will build more affordable homes by ensuring developers include social housing in developments, prioritising capital investment and allowing Labour’s £5 billion Future Homes Fund to invest in housing associations developing affordable homes.

"And we will bring in secure three-year tenancies for those who want them and cap rents so they cannot rise by more than the rate of inflation. We will also ban letting agent fees - saving £625 – and introduce a national register of landlords so that rogue owners can be identified, and their tax relief restricted.

“For so many young people today the dream of a place of their own is fading with more people than ever renting when they want to buy. Young families are wondering if this country will ever work for them. A Labour government will tackle Britain's modern housing crisis."

 

 


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