Oral Answers to Questions

Sheryll Murray Excerpts

Tuesday 1st December 2015 Commons Chamber

[Christopher Pincher (Tamworth) (Con)]

7. What steps the Government are taking to support (a) people with savings and (b) home ownership.

[Mrs Sheryll Murray (South East Cornwall) (Con)]

8. What steps he is taking to help first-time home buyers.

[The First Secretary of State and Chancellor of the Exchequer (Mr George Osborne)]

This Government back saving and home ownership. That support is exemplified by the Help to Buy ISA that becomes available today. This new ISA provides direct Government support to anyone saving for the deposit on their first home. For every £200 they save in the ISA, the Government will help them with another £50. Add it up and the Government will give them up to £3,000 towards their first home—all part of a plan to help working people in this country.

--- Later in debate ---

[Mr Osborne]

I was in the west midlands yesterday seeing the fantastic investment that Jaguar Land Rover is making there, with Government help. Alongside that we are investing in the west midlands infrastructure. We have just signed an agreement with the authorities of the west midlands, across the political parties, to put more than £1 billion into the region over the next couple of decades. There is a long-term commitment to the midlands engine and the jobs in my hon. Friend’s constituency.

[Mrs Sheryll Murray]

It was reported in one of my local papers last month that some areas in Cornwall have seen a 15% rise in house prices over the past year. Will my right hon. Friend outline what additional action is being taken to assist first-time buyers in beautiful parts of the country, such as Cornwall, that are popular with second-home owners? What difference will the increase in stamp duty make?

[Mr Osborne]

My hon. Friend always speaks passionately on behalf of her constituents—in this case, those seeking to buy their first home. The Help to Buy ISA is, of course, available in Cornwall and will help her constituents buy their first home. The new stamp duty charge on second homes and buy-to-lets will raise money, and a portion of that will be given to local authorities and areas such as Cornwall, where there are quite a lot of second homes.