Caroline pledges to help first-time buyers and families in Romsey
Caroline Nokes the Conservative Candidate for Romsey and Southampton North has welcomed the new proposals designed to help families and first-time buyers, unveiled at the Conservative Party Conference in Blackpool. The policies reflect the Conservative agenda of strengthening families, giving local communities more power over their lives, and building stable and greener communities.
· Cutting stamp duty for first-time buyers: Buying a home is an aspiration for millions of people, but is becoming increasingly out of reach. Gordon Brown has made houses less affordable with his stealth tax rises. The current stamp duty threshold is just £125,000, meaning over half of first-time buyers now pay stamp duty. Conservatives will abolish stamp duty for first-time buyers on homes up to £250,000. This will mean that nine out of ten first-time buyers will pay no stamp duty. In the South East the average price paid for a first home is over £190,000, well above the current stamp duty threshold.
· Increasing the inheritance tax threshold to £1 million: Under Gordon Brown, the inheritance tax threshold has not been increased in line with house price inflation. Conservatives will raise it from the current level of £300,000, so that only millionaires pay inheritance tax. For 98 per cent of families, this will take the family home out of inheritance tax altogether. In the Romsey area the average price of a detached house is now £441,898 and 86% of house sales are above the £300,000 Inheritance Tax threshold.
· Abolishing Home Information Packs: Labour’s new red tape threatens to undermine the stability of the housing market and increase the cost of moving home. Conservatives will abolish Home Information Packs and look to implement practical ways of making it easier to move home.
Caroline said:
“We believe that home ownership creates a stronger society. We will help first-time buyers get on the housing ladder, scrap red tape on selling a home and tackle the unfairness of inheritance tax."
Data source for figures quoted: Halifax, http://www.hbosplc.com/media/includes/757postcodesdetachedIHT.xls
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