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Tories to raise stamp duty threshold for first-time buyers

The Conservatives have pledged to abolish stamp duty for first-time buyers on homes costing up to £250,000.

This could mean a potential saving of up to £2,500 for young couples.

This announcement comes at the Conservative’s party conference in Blackpool this week.

The Tories said that this would mean that nine out of ten would-be homeowners would not pay the levy.

The stamp duty is currently not paid on a home costing £125,000 or under. It is then charged at one per cent of the entire purchase price up to £250,000 and rises on a sliding scale up to four per cent for homes costing more than £500,000.

London & Country mortgage specialist James Cotton says the Tories pledge is a decent one as stamp duty is a big burden on first-time buyers.

But Cotton points out that stamp duty still needs more sweeping changes to its structure.

“It sounds like a decent pledge but the problem is that stamp duty is often used as a political tool by parties. It’s quite an easy win especially for the opposition parties but of course it would be a huge help to a lot of people.”

Cotton says he expects Labour to come out soon with further changes to the stamp duty in response to the Tories.


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