Stamp duty promises from Tories

Posted: 02 Oct 2007 11:00:16 GMT

Conservative shadow chancellor George Osborne has revealed that his party will increase the stamp duty threshold if they are elected to govern the country.

Conservative shadow chancellor George Osborne has revealed that his party will increase the stamp duty threshold if they are elected to govern the country.

In a speech during the Conservative Party Conference in Blackpool, Mr Osborne set out his plans for the housing market.

He promised that stamp duty would only be applicable for properties worth more than £250,000, signalling an increase from the current level of £125,000.

The shadow chancellor said that the change would benefit 90 per cent of first-time buyers and many commentators believe that it will help to free-up the housing market by encouraging new buyers to invest.

"For years the growth in the housing market has meant that the average cost of a home has been surpassing the threshold for stamp duty leaving more people getting snared into paying a high tax on the property they have bought," said Clive Kornitzer.

"Abbey has always strived to find new initiatives to help people get on the property ladder and would support any legislation that will help lower the barriers to entry for first-time buyers," he added.

The chancellor of the exchequer, Alistair Darling, has described the proposals and others set out by the Tories as 'reckless'.

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