New Housing Minister named amid rumours of a Stamp Duty cut

PUBLISHED: 21st Sep 2022

The latest housing minister has been revealed as the prospect of Stamp Duty reform returns to the housing market.

New ministerial appointments were delayed after the Queen passed away and the official days of mourning began, but the new Prime Minister Liz Truss is starting to announce her reshuffle – Lee Rowley, Conservative MP for Northeast Derbyshire was last night named as the new Housing Minister.

Housing Secretary Simon Clarke made the announcement in a tweet at 9.17pm yesterday.

Clarke said: “Lee is a huge intellect, a great friend and is keenly committed to building the homes we need”

Additionally, it can also be revealed that Rowley once worked for an Estate Agent.

Rowley who has been an MP since 2017 said in a tweet last night “A big job ahead to further help raise standards and service across the sector, to improve how planning works for local communities and, vitally, to empower more people to achieve their dream home ownership”.

He was only appointed Under Secretary of State in the Department for Levelling Up, Housing and Communities on 7th September 2022, replacing Eddie Hughes and taking charge of the rental reform agenda.

He was previously Parliamentary Under Secretary of State in the Department for Business, Energy and Industrial Strategy and Government Whip, Lord Commissioner of HM Treasury between 17th September 2021 and 6th July 2022.

This comes amid reports that Chancellor Kwasi Kwarteng’s mini -Budget on Friday, could include a Stamp Duty Cut to boost the property market. He and Liz Truss are reported to have been working for more than a month on plans to make a radical cut to stamp duty.

The Times reports this morning that Truss believes cutting Stamp Duty will “encourage economic growth by allowing more people to move and enabling first time buyers to get onto the Property ladder”.

This could be very welcome news, David Phillip commented “the discussions around cutting the stamp duty could be a very positive step, the highest rate of stamp duty is “clogging up” the housing market and preventing more transactions in the market”

According to Rightmove

  • The average stamp duty that a home-mover (not first time buyer) pays is currently £8,258, based on the average asking price of £365.173
  • 7% of homes on the market are currently exempt from stamp duty for all home-movers (excluding second homes, anything £125,000 or below
  • 45% of homes on the market are currently exempt from stamp duty for first-time buyers (anything£300,000 or below)

Dvid Phillip FRICS will provide a further update on Friday, but this is potentially very good news for people looking to sell their home in Bramhope, Otley, Pool-in Wharfedale, Adel and Cookridge.

If you would like a free market appraisal, call 01134 676 400 a: 86, Leeds Road, Bramhope, Leeds, LS16 9AN w: www.davidphillip.co.uk. E: info@davidphillip.co.uk

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