NOW CLOSED: Raise the Stamp Duty Threshold to 500,000 for first time buyers
House Prices in Richmond and Twickenham are amongst the highest in the country, putting them beyond the reach of most first time buyers. Stamp Duty piles additional pressure on those attempting to get on the housing ladder and makes it even more difficult for young people to settle in the area they were raised.
The price of a typical 1 bedroom flat in Twickenham is £350,000. Under existing stamp duty arrangements this means a first time buyer has to find £10,500 in stamp duty charges in addition to all the other costs of moving. Under our proposed threshold of £500,000 the stamp duty would reduce to zero, saving the house purchaser £10,500.
We call on the chancellor to raise the starting stamp duty threshold to £500,000 for first time buyers. Please sign our petition.