Havant MP Alan Mak backs Conservative plan to abolish stamp duty that would save housebuyers £9,000

Havant MP Alan Mak has backed the Conservative plan to abolish stamp duty that would save housebuyers £9,000.

This is how much they have to pay at the moment on a home in the south east with an average price of £380,000. 

A future Conservative government is committed to abolishing stamp duty on the family home. This would be fully funded by cuts that would be made to the unsustainable welfare bill and in other areas of public spending.

Research suggests up to two million people would consider downsizing in the next five years if stamp duty was abolished. 

Even if only half of them did, that would mean a million additional homes becoming available to buy, boosting economic activity and the stake people have in our economy.

Abolishing stamp duty would also give a huge boost to local economies struggling under the weight of Labour’s tax raids. 

Every house sale brings with it extra income for local businesses - builders, decorators, removal firms and more - with research suggesting the Conservative plans could give a £1.2bn boost to these companies.

Mr Mak said: "Housing has become unaffordable for many, including large numbers of young people hoping to get a foot on the housing ladder.

"Stamp duty is a bad tax that makes the process of purchasing a home more expensive. It also stops older people from downsizing and prevents young couples who want to start a family from buying a bigger home."

He added: "Our plans will remove barriers on home ownership and aspiration, and give families the freedom to move, grow or downsize their homes".