Action to help people onto the Housing ladder

  • New statistics show that the cut in to stamp duty for first time buyers which the Conservatives introduced a year ago has benefited over 180,000 households, helping more people to achieve the dream of home ownership. 
  • We are giving practical help to first-time buyers, reducing the burden that they face in purchasing their first home. Almost every first time buyer – around 95 per cent – will benefit from our changes, with around 4 in 5 paying no stamp duty at all. 
  • Our changes to stamp duty are just one of the steps we have taken to fix the housing market, helping people get on the housing ladder and have the security of their own home. 



New statistics:



·         New statistics show over 180,400 households have been helped on the housing ladder thanks to our stamp duty cut. In Q3 2018 the number of people claiming first time buyers’ relief on stamp duty was 58,800, up 12 per cent on the previous quarter (Source, HMRC, Quarterly Stamp Duty Land Tax Statistics Commentary and Tables, 21 November 2018, link).

 

·         In total, first-time buyers saved a £142 million this quarter, helping to reduce the burden they face when purchasing their first home. This takes the total savings since the scheme’s introduction to £426 million (HMRC, Quarterly Stamp Duty Land Tax Statistics Commentary and Tables, 21 November 2018, link).



We are helping to get more people on the housing ladder:

 

·         Backing families with Help to Buy schemes which have made homeownership a reality for more than 420,000 people. This includes more than 365,400 first-time buyers who are now on the housing ladder thanks to Help to Buy (MHCLG, News Story, 16 August 2018, link).

 

·         Boosting Help to Buy with £10 billion to help more hard working people get a foot on the housing ladder. More than 130,000 completions have already taken place by people using the equity loan, which helps people buy a new build home with only a 5 per cent deposit (MHCLG, Press Release, 2 October 2017, link).

 

·         Delivering over 378,000 affordable homes since 2010, including 257,000 for rent, making home ownership easier for working people. We are going further and supporting councils to build more affordable housing by removing the borrowing cap for councils to build (MHCLG, Press Release, 26 June 2018, link; MHCLG, Press Release, 3 October 2018, link).



We are building the homes people need: 

 

·         Setting out ambitious plans to deliver more than 300,000 homes per year by the mid-2020s backed by £44 billion – last year we delivered more homes than in all but one of the last 30 years. Over 222,000 new homes were delivered last year, an increase on the previous year. But we know there is more to do and we have an ambitious target to raise the level of new homes to the highest since the 1970s (MHCLG, Press Release, 15 November 2018, link).

 

·         Reforming planning rules so we build the right homes in the right places. We have revised the National Planning Policy Framework, ensuring that more land in the right places is available for housing (HM Treasury, Budget 2018, 29 October 2018, link).

 

·         Unlocking 650,000 homes through the Housing Infrastructure Fund providing communities with the schools, hospitals and transport they need. This funding is also directed towards new roads, cycle paths, flood defences and land remediation work, all essential ahead of homebuilding (HM Treasury, Budget 2018, 29 October 2018, link)

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