Tories promise stamp duty review

22-Apr-2005

In a bid to woo first time buyers ahead of the general election, the Tories have revealed that they will raise the stamp duty threshold to £250,000 if they get into office.

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Announcing the plans on Thursday, Conservative leader Michael Howard promised to give more relief to first time buyers to get a foot on the property ladder.

Aspiring homeowners struggle when finding a deposit for a house, the Conservatives argue, because while many may be able to afford the initial house price, they struggle to afford the extra burden placed on them by stamp duty.

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The Tories' plan comes a month after Chancellor Gordon Brown raised the threshold from £60,000 to £120,000 in his Budget speech, but now Michael Howard claims that does not go far enough and is looking to first time buyers a better opportunity to get on the property ladder.

However, the proposals have been criticised by some, with housing charity Shelter suggesting that more money should be put into affordable homes, suggesting that high prices are the major stumbling block, not the one per cent duty payable on houses worth between £120,000 and £250,000.

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