The Conservative group leader on Cumbria County Council has welcomed Budget news which will be a major boon for first time buyers across the county.
In today’s Budget Chancellor Philip Hammond said he will abolish stamp duty land tax on homes under £300,000 for first-time buyers from 22 November, a proposal which will benefit 95% of people looking to set up a home.
First-time buyers of homes worth between £300,000 and £500,000 will not pay stamp duty on the first £300,000. They will pay the normal rates of stamp duty on the price above that. This will save £1,660 on the average first-time buyer property. 80% of people buying their first home will pay no stamp duty.
Welcoming the news, Councillor James Airey, the Conservative candidate in this year’s General Election said: “This is great news for people across Cumbria, especially in places like Westmorland and Lonsdale.
“The removal of Stamp Duty for local first-time buyers will enable more of our local working residents to buy a home in our area making it more affordable in a housing market where house prices are being pushed up by second home ownership.”
The Stamp Duty plans come on the back of other news announced by the Chancellor in his Budget speech today to build 300,000 new homes a year, an amount not achieved since 1970
There is to be £15.3 billion of new financial support for house building over the next five years – taking the total to at least £44 billion. This includes £1.2 billion for the government to buy land to build more homes, and £2.7 billion for infrastructure that will support housing.
Changes to the planning system will encourage better use of land in cities and towns. This means more homes can be built while protecting the green belt.