Stamp Duty proposals
The measures to cut the level of stamp duty announced in the Budget will greatly benefit first time buyers in the Streatham constituency.
The Chancellor announced that people purchasing properties worth up to £250,000 will benefit from a two-year Stamp Duty holiday; this will be paid for by increasing the Stamp Duty on properties worth over £1million.
In Streatham there are far more properties on sale for less than £250,000 than over £1million, a search on the property aggregator website, Prime Location shows that there are 689 properties under £250,000 and only 18 over £1million.
The move will help first-time buyers make their first step on the property market, Chuka Umunna, Labour’s Parliamentary candidate for Streatham, said:
“Exemption from stamp duty for properties under £250,000 will mean that more first-time buyers can get their feet on the property ladder.
“It is clear that first time buyers in Streatham and areas like it stand to benefit most from raising the stamp duty threshold.
“This will provide a boost for the local housing market and help secure the economic recovery in our local area.”
