Stamp Duty Land Tax

David Chadwick Excerpts

Tuesday 28th October 2025 Commons Chamber

[Gideon Amos]

The right hon. Member, for whom I usually have respect, was clearly not listening to what I said. It is possible for there to be several features to a change in tax policy. Our argument, as my hon. Friend the Member for St Albans pointed out, is that we need a comprehensive review of property taxes. The effect of the stamp duty holiday was to increase house prices. It may, none the less, be a valuable policy, because it may free up transactions, as my hon. Friend the Member for Carshalton and Wallington (Bobby Dean) argued. My observation is that these are not the policies that will help people who are struggling to afford a home to rent and to get on the housing ladder in the first place. They may be valuable for other reasons, but they will not address that problem. As I say, coupled with that we need a big investment in rent-to-own housing. Since 2015—this is the big point, which would be unaffected by the Conservative proposal— the multiple of income needed to get a mortgage, as my hon. Friends have pointed out, has risen from four-and-a-half to six-and-a-half times their income.

Without more genuinely affordable homes in significant numbers and wider tax reform, this cut is unfunded. It will leave first-time buyers with nothing new and transfer funds to the wealthiest. That is simply not enough to help my constituents. We need a much more ambitious renaissance in the building of council and social rent homes, and we need new measures to help people to get on to the housing ladder.

[David Chadwick (Brecon, Radnor and Cwm Tawe) (LD)]

I am glad that my hon. Friend is calling out the consequence of Thatcherite policies. Does he agree that no country has suffered more from Thatcherite policies than Wales?

[Gideon Amos]

My hon. Friend is a fantastic champion of his constituency in Wales and has experienced the effects of the reduction in and dwindling of council and social rent homes around the country in Wales, as in other parts of the country, including in my own constituency. We used to have 30,000 council homes available, but we now have only 6,000, and that number is going down every year.

This is not about the broken promise not to allow people to buy their homes; it is about the broken promise of not replacing those council and social rent homes. That has to be addressed, and it was never addressed by multiple Conservative Governments. Without those changes and wider tax reform and investment in social and council rent homes, this policy on its own would do nothing to help my constituents, and I am unable to support it.