Stamp Duty Land Tax

Debate between Bobby Dean and Jack Rankin

Tuesday 28th October 2025 Commons Chamber

[Bobby Dean]

Surprise, surprise, I do not. I will come on to the reasons why.

Mortgage companies will lend around four times someone’s income, so we can see how big the problem is. A couple may stand a chance of getting a mortgage; someone on their own has no chance. The other problem with house prices accelerating away from wages so much is that the 10% deposit that people often need to raise is completely out of reach. To put this in context, in 1990 the average wage was around £8,000 a year, and a person might have needed to save about £2,000 for a deposit. Today, a person on the average wage of £33,000 would have to try to save £28,000. People simply cannot do it unless they have the support of their mum or dad, or others in their family.

This is the death of meritocracy in our country. We now live in a society where a person’s family wealth, not their work or talent, defines their future financial security. We are back to Victorian-era levels of social mobility. That is absolutely abhorrent, and no amount of tinkering around the edges is sufficient to fix it.

Scrapping stamp duty will not be a silver bullet. In fact, on its own, it might represent a bit of a giveaway to those who are already faring better than most in society. If we are serious about fixing the housing crisis in our country, we need a generational change in the level of house building, and a holistic approach to redesigning the property tax system.

[Jack Rankin]

I agree with the hon. Member wholeheartedly, and he is making an excellent speech, but I would gently say that lots of us in the shires who face Liberal Democrats in our constituencies get leaflets from his colleagues that oppose building almost anywhere, ever. What would he say about that to some of his colleagues?

[Bobby Dean]

I think the hon. Member will find that across the country there will be opposition politicians opposing developments. In Sutton council in my borough, where we are in control, we are outstripping all of London in house building, and I am very proud of that record.

In order to fix the housing crisis, we need sustained wage growth, so that wages come up against the increase in house prices. I do not hear that on offer from the Conservative party today. I am sorry to say that we have a Trussite proposal on the table: an unfunded tax cut that lacks real credibility.