Home Ownership: First-time Buyers

Lord Jamieson Excerpts

Monday 22nd June 2026 Lords Chamber

[Baroness Taylor of Stevenage (Lab)]

The noble Baroness is quite right. The Government recognise that some people who entered shared ownership have faced real challenges. We have introduced new expectations for landlords to improve the customer experience, which include giving greater consideration to long-term customer affordability, making sure that there is greater transparency and fairness on costs, ensuring that fees do not generate a profit and giving customers the ability to opt out of fees for optional services, which often was not pointed out. We are continuing to consider what more can be done to improve that experience for all our shared owners.

[Lord Jamieson (Con)]

My Lords, despite a housing crisis, we are seeing housebuilding plummet as affordability collapses and first-time buyers are reluctant to extend themselves in a period of economic uncertainty. This is particularly the case in London, with an average house price of £661,000. The Minister talked about hidden costs; those houses attract a £23,000 stamp duty. Does she agree that we need to stimulate housebuilding and that removing the economically destructive stamp duty tax would be a good start?

[Baroness Taylor of Stevenage (Lab)]

There are exemptions from stamp duty for first-time buyers, so that is not the case for them. First-time buyers benefit from paying no stamp duty land tax up to £300,000 and are able to claim relief on purchases up to £500,000. The Government are working closely with the Mayor of London. I will meet the deputy mayor for housing this week to talk about what further steps we can take to help the building of homes in London. It is not true to say that no housebuilding is moving forward. We had an increase in growth in the first quarter of this year.