Everyone needs a hand up to get on to the housing ladder - the keys to your first home are priceless - a first place you can call your own, security and safety and something you can be proud of and something you can work for and something you can share with someone who you love and who loves you. A space of our own is a place we call Home.
That dream has become harder and harder.
But it has always been a bedrock conservative aspiration that has built our country. So under the conservatives in our manifesto we have set out a route map for how we can help young people to own their first home.
We have made it possible for young people to get a degree without borrowing through out apprenticeship programme where young people can earn and learn skills which companies need and get straight into a well paid job without debt.
We have developed a 95% mortgage for first time buyers so that you only have to save for the first 5%.
And we have waived stamp duty completely for first time buyers for properties up to £425k.
Now we are building the houses you want where you want them.
I started my life in a maisonette in Chessington. It was all we could afford. My mum was 21 and my Dad was 25. And it was a great starter home. A roof over our head and everything to fight for in the first steps of family life. Im super proud of my parents and their start in life and their fight for family and work.
Labour’s First-Time Buyers Tax
Labour have refused to match our tax cut to Stamp Duty for first-time buyers.
- Owning a home makes people more financially secure and gives them a stake in society. As the party of the property-owning democracy, we want to give more people the chance to buy their own home, which is why we will ensure the vast majority of first-time buyers pay no stamp duty at all.
- By refusing to back our plans, Labour will introduce a new First-Time Buyers Tax, making it harder to save for a deposit with up to £11,250 in higher tax and blocking the dream of homeownership for many young people.
- Only Rishi Sunak and the Conservatives have a clear plan for bold action to secure the future of homeownership by permanently raising the threshold at which Stamp Duty is paid. Labour’s First-Time Buyers Tax would hike up the cost of buying a home, taking the country back to square one.
Labour will impose a new First Time Buyers Tax:
- Keir Starmer will cut the Stamp Duty threshold for first-time buyers from next year, introducing a new First-Time Buyers Tax and blocking the dream of homeownership. Labour has refused to match our commitment to abolish Stamp Duty for first-time buyers of homes up to £425,000. Instead, they have confirmed that stamp duty will rise for first-time buyers as the threshold above which the tax is paid on first-time property purchases would be reduced to £300,000 from April 2025.
- Labour’s First-Time Buyers Tax comes on top of the planned £2,094 tax hike for every working family. Labour already have a £38.5 billion black hole in their spending plans which will need to be paid for by tax rises on hardworking people. Their plan for a First-Time Buyers Tax shows that, if Keir Starmer is handed a blank cheque and unaccountable majority, £2,094 in tax rises is just the beginning.
The Conservatives have a clear plan:
- Raising the threshold at which a first-time buyer pays stamp duty from £300,000 to £425,000, meaning the majority of first-time buyers do not pay Stamp Duty. We will ensure the vast majority of first-time buyers pay no Stamp Duty at all, by making permanent the increase to the threshold at which first-time buyers pay Stamp Duty to £425,000 from £300,000, which we introduced in 2022, saving thousands of first-time buyers up to £11,250.
- Launching a new and improved Help to Buy scheme, helping more first-time buyers take their first step onto the housing ladder. Under the new scheme first-time buyers will be offered a 20 per cent equity loan towards a new build property, enabling them to buy their first home with a five per cent deposit. The scheme will be available to hundreds of thousands of families.
Q: Building enough homes?
Since April 2010, we have delivered over 2.5 million additional homes, with the four highest annual rates of housing supply in 30 years all coming since 2018. The last Labour Government oversaw the lowest level of housebuilding since the 1920s.
