Kemi Badenoch has surprised the party conference by pledging to abolish stamp duty if they regain office and they win the next election.

We know who our people are

She told delegates at the end of the conference today in Manchester “As the Conservative party, we know who our people are. They are people who work hard, they are the people who play hard they are the people who understand the importance of putting down roots.

“They are the people who make sacrifices today for a better life They are also people who want to own their own home”

She said stamp duty was a bad tax, adding “we must free up our housing market, because a society where no -one can afford to buy, or move is a society where social mobility is dead She said she considered moving the threshold but decided against that. The abolition idea has been welcomed by some within the industry.

Immediate impact

Richard Donnell, executive director at Zoopla commented “Stamp duty hits four in five homeowners and two in five first-time-buyers across the country, especially in Southern England where 60% of all stamp duty is paid. We welcome any proposals that removes the financial barriers to moving home. More home moves support would support economic growth and the ambition to build more homes”

David Phillip commented “to gain an immediate impact on the Housing market, Stamp duty is the one lever that would also have much wider repercussions for the wider economy. It may result in an initial halt in property sales though if the Tories were leading the polls prior to Election, resulting in potential sellers delaying their property completion. The property market would welcome any positive moves regarding Stamp Duty”

If you are considering selling your home and would like a free market appraisal with David Phillip FRICS please call 0113 4676400.

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Selling houses in North Leeds and covering Bramhope, Adel, Cookridge, Pool-in Wharfedale, Alwoodley and Otley.