First-time Home Buyers

Oral Answers to Questions — Treasury – in the House of Commons at 12:00 am on 22nd May 2018.

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Photo of Stephen Metcalfe Stephen Metcalfe Conservative, South Basildon and East Thurrock 12:00 am, 22nd May 2018

What steps he is taking to support first-time home-buyers throughout the UK.

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

In the last Budget we abolished stamp duty for first-time buyers for the first £300,000 of a property’s value up to £500,000 in total. That has meant that 95% of first-time buyers have paid less stamp duty and a full 80% of first-time buyers have paid no stamp duty at all.

Photo of Stephen Metcalfe Stephen Metcalfe Conservative, South Basildon and East Thurrock

Last November the Chancellor announced an ambitious package to tackle the broken housing market. How many first-time buyers have benefited from that package, particularly in Essex, and where can people find further information about this so we can make hopefully impressive numbers even greater?

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

Some 69,000 individuals have already benefited from this vital tax relief and over 1 million will do so over the coming five years. We do not have disaggregated data specifically for Essex, but I can tell my hon. Friend that within the south-east 12,900 individuals have benefited from first-time buyer tax relief.

Photo of Victoria Prentis Victoria Prentis Conservative, Banbury

My constituency tops the leader board for house building, building at the moment over three a day. Can the Minister give an assessment of how much my first-time buyers are saving because of the Government’s policies?

Photo of Mel Stride Mel Stride Financial Secretary to the Treasury and Paymaster General

As I outlined to my hon. Friend Stephen Metcalfe who asked the preceding question, in the south-east 12,900 first-time buyers have benefited from this relief, of whom 9,000 purchased a property of a value of between £300,000 and £500,000 in total.