Key Facts

• The stamp duty relief will be available to anyone buying a main home for under £500,000 before the end of March next year.
• Residential property transactions were about 50% lower in May compared to the same month last year.
• Rightmove estimates that 175,000 sellers were prevented from coming to the market between March and May this year.
• The Bill cuts stamp duty land tax temporarily.
• Buyers can save up to £15,000 on SDLT.
• In John Glen's constituency, families buying a home worth £349,000 will pay nothing in SDLT compared to £7,450 previously.
• From September 2023, homeowners and landlords can apply for a green homes grant of up to £5,000.
• Low-income households can receive vouchers covering the full cost up to £10,000.
• The Bill aims to stimulate the housing market.
• It was supposed to be part of the autumn Budget process but was introduced prematurely.
• A potential cost to taxpayers of £1.3 billion for second homeowners.
• The Institute for Fiscal Studies (IFS) analysis suggests that first-time buyers might be made worse off by changes.
• Eight hundred thousand fewer people under the age of 45 own their home today compared to previous levels.
• Wandsworth, Bromley and Wiltshire councils will see falls in tax receipts of £40 million, £35 million and £29 million respectively due to the change.
• Rightmove estimates that the average saving in the north-east is just £646, while it could be up to £15,000 in London.
• Stamp Duty Land Tax (SDLT) has been reduced as part of COVID-19 stimulus provisions.
• The reduction simplifies the tax from six rates to four.
• Over the past four quarters, £8.4 billion in SDLT receipts have been provided for the Treasury.
• Of this amount, £3.8 billion was due to a 3% higher rate charge on additional dwellings introduced in April 2016.
• The first-time buyer limit of £300,000 was introduced in November 2017.
• The Stamp Duty Land Tax relief is a windfall for those buying or selling houses.
• Some first-time buyers may be worse off as the stamp duty threshold increase does not benefit everyone.
• In the last year, 34% of all purchases were made by second home owners.
• Local authorities are facing a financial hit of £1.2 billion due to covid.
• The scheme aims to remove stamp duty to save people thousands of pounds.
• According to Zoopla, Accrington has been recording high property inquiries since lockdown.
• A £12 billion affordable homes programme will support up to 180,000 new affordable homes over the next five years.
• Stamp Duty Land Tax (Temporary Relief) Bill aims to reduce stamp duty on property purchases.
• The bill is expected to help restart the UK economy after lockdown.
• Coastal communities like the MP's constituency are facing challenges due to reduced tourism income and potential surplus of properties coming onto the local market.
• Olney paid a significant amount in stamp duty earlier this year.
• The Chancellor will lose £3.8 billion as a result of the temporary relief on Stamp Duty Land Tax.
• There is an estimated three million individuals not covered by existing government support plans.
• Housing transactions were down by 50% in May compared to the previous year.
• The stamp duty cut will benefit 90% of those buying a main home this year, with no stamp duty payable.
• Stamp duty is an important revenue source for the Government.
• The Stamp Duty Land Tax relief will have some economic benefits by stimulating property transactions.
• Crisis and National Housing Federation estimate that the UK needs 145,000 new affordable homes per year, with 90,000 being social rented.
• Shelter estimates the number of needed homes to be closer to 300,000 annually.
• The Government plans to deliver only 3,500 additional social rented homes this year.
• There are over 3,000 people on the social housing waiting list in the speaker's constituency.
• The average household income in Winterton's constituency is £25,000 per year.
• Average house prices across her constituency are approximately £250,000.
• In parts of the Lake District within her constituency, average property prices are around £400,000.
• The Immigration and Social Security Co-ordination (EU Withdrawal) Bill will reduce the workforce by 9%.
• Holiday lets contribute to a tourism economy worth £3 billion annually in Cumbria.
• Sixty thousand people in Cumbria are employed by the tourism industry.
• Property transactions were down by 50% in May 2020 during the acute phase of covid-19.
• In Penistone and Stocksbridge, the average house sale last September was £172,000.
• Evidence suggests that over 300,000 new homes need to be built each year to meet demand and address backlog.
• The number of people living alone in the UK has risen by 20% over two decades.
• The housing market has experienced a 50% drop in transactions.
• Real estate in the UK is worth more than £7 trillion.
• Stimulating the housing market will boost confidence throughout the economy and create jobs.
• The Bill aims to stimulate consumer spending.
• The largest investment for most people is purchasing a home.
• The measure brings forward decisions about buying homes from future dates to the next six or nine months.
• Confidence in the housing market can protect jobs in construction, retail and small businesses.
• The Bill eliminates stamp duty for homes up to £500,000.
• House prices in Buckingham constituency range from £287,500 to £575,000 with a median of £395,000 last September.
• No 95% loan-to-value mortgages are available for first-time buyers today; only three lenders offer 90% LTV mortgages.
• Stamp duty savings range from £2,500 to £10,000 depending on the property price.
• The average house price in the MP's constituency is £350,000.
• A first-time buyer in the constituency can save up to £4,500 due to the stamp duty relief.
• Construction employs nearly 5% of constituents and over 8% if secondary industries are included.
• Over 1,000 new householder developments were approved in west Berkshire in 2019.
• Chancellor's decision to raise the stamp duty threshold from £125,000 to £500,000.
• More than 90% of property transactions will pay no stamp duty at all.
• Average house price in Bracknell is £325,000 with a direct saving of more than £5,000 for those buying at this level.
• The cut is temporary until March 2021.
• Estate agents in Runnymede and Weybridge are concerned about the next 12 months.
• Stamp duty cuts will increase house sales turnover and improve mobility, supporting industries linked to housing.
• Residential stamp duty brings in approximately £8.3 billion annually.
• The Office for Budget Responsibility projects that national debt could grow to three times GDP due to healthcare and social care demands if taxes are not changed.
• The think-tank Onward proposed a council tax revaluation.
• House prices falling has led banks to require higher deposit requirements and avoid high loan-to-value mortgages.
• Stamp duty rates have reduced housing transactions by about 30% below pre-financial crisis levels.
• The temporary SDLT relief will increase the nil rate threshold to £500,000 until March 2021, benefiting approximately 90% of people buying their main home.
• Increasing the stamp duty rate for second homes from 3% to 6% could raise an additional £3.8 billion.
• The Bill aims to cut stamp duty temporarily for many current and future homebuyers.
• Nearly 90% of people will pay no stamp duty at all as a result of this change.
• In Wales, land transaction tax penalises first-time buyers already compared to England's policy.
• Data from HomeOwners Alliance suggests the average time it takes to sell a property is about six months.
• Stamp duty is temporarily scrapped for purchases up to £500,000.
• The UK ranks 27th globally in ease of understanding and paying taxes.
• The UK tax code runs to over 10 million words.
• Housing transactions fell sharply in April and May.
• Home ownership has decreased by 800,000 people under the age of 45 over the past decade.
• The speaker raises concerns about the targeting of SDLT relief on buy-to-let landlords and second home buyers.
• Property market has been hard hit with almost 90% fewer mortgage approvals in May compared to February before lockdown.
• Over 24,000 people are directly employed by house builders.
• Transactions increased by 16% from April to May.
• The nil rate band of stamp duty will be temporarily increased from £125,000 to £500,000.