Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to support first time buyers with stamp duty.

At Autumn Budget 2024, the higher rates of Stamp Duty Land Tax (SDLT) for additional dwellings were increased by two percentage points from 3% to 5%. This measure will ensure that those looking to move home, or purchase their first property, have a greater advantage over second home buyers, landlords, and companies purchasing residential property. The OBR certified costing estimates that increasing the higher rates of SDLT by two percentage points is expected to result in 130,000 additional transactions over the next five years by first-time buyers and other people buying a primary residence.