Oral Answers to Questions Debate

Full Debate: Read Full Debate
Department: HM Treasury

Oral Answers to Questions

Damian Green Excerpts
Tuesday 3rd July 2018

(6 years, 4 months ago)

Commons Chamber
Read Full debate Read Hansard Text Read Debate Ministerial Extracts
Mel Stride Portrait Mel Stride
- Hansard - - - Excerpts

The hon. Gentleman raises a specific issue around the participation of smaller businesses in this industry, and we will be looking at that as we look at taxation in this area going forward. If he would like to make any specific representations to myself or the Chancellor, I am sure we would be delighted to receive them.

Damian Green Portrait Damian Green (Ashford) (Con)
- Hansard - -

4. What steps he is taking to support first-time house buyers throughout the country.

Lord Hammond of Runnymede Portrait The Chancellor of the Exchequer (Mr Philip Hammond)
- Hansard - - - Excerpts

The Government have helped more than 300,000 first-time buyers to buy a home through our Help to Buy scheme, which includes the help to buy ISA, the help to buy equity loan and now the lifetime ISA. At the autumn budget I went further by abolishing stamp duty land tax for first-time buyers on property up to £300,000. Over 69,000 first-time buyers have already benefited from this change and we expect to help over 1 million first-time buyers over five years—and I remind my right hon. Friend that the Labour party voted against that measure.

Damian Green Portrait Damian Green
- Hansard - -

Many younger homeowners will I am sure be delighted that the Government have cut stamp duty for 95% of first-time buyers. Can the Chancellor say how the rate of creating first-time buyers compares with previous periods, as keeping alive the dream of home ownership for many is essential for the long-term health of our society?

Lord Hammond of Runnymede Portrait Mr Hammond
- Hansard - - - Excerpts

I can tell my right hon. Friend that under the last Labour Government, the number of people achieving home ownership fell by 61%. I think Labour’s position is clear. The Leader of the Opposition has described home ownership as a national obsession; for the Government it is a national priority. We are helping hundreds of thousands of people across the country to achieve the dream of owning their own home, and that is why I am proud that, under a Conservative Government, the number of first-time buyers is now at an 11-year high.