Tory Housing Policy: Build Zilch, Hike Prices

Tory Housing Policy: Build Zilch, Hike Prices

- Dave Carr

In his recent Budget speech, Chancellor Philip Hammond - to the delight of bleating Tory MPs - announced a cut in stamp duty on house sales, and measures to build 300,000 new homes a year.

As is always the case with Tory headline claims, the devil is in the detail. Closer inspection shows Hammond’s housing initiatives don’t amount to a hill of beans.

They plan to abolish stamp duty for first-time buyers on properties costing up to £300,000. And there will be 0% tax on the first £300,000 on properties costing up to £500,000.

But this will not reverse the trend in rising housing costs and declining homeownership.