Stamp Duty

Meeting: 
MQT on 2007-11-14
Session date: 
November 14, 2007
Reference: 
2007/2773
Question By: 
Tony Arbour
Organisation: 
GLA Conservatives
Asked Of: 
The Mayor

Question

Does the Mayor support Conservative proposals to raise the stamp duty threshold to £250,000, which will assist thousands of first time buyers in London in gaining a foot on the property ladder for themselves and their families? What does the Mayor believe to be the appropriate level of stamp duty for London?

Answer

Answer for Stamp Duty

Answer for Stamp Duty

Answered By: 
The Mayor

I have consistently made the case to government and others that private housing in London is unaffordable for first time buyers. Stamp Duty adds to the problem by imposing a tax at the point of sale.

In 2006 there were only 4% of homes in London exempt from Stamp Duty (those valued £0 - £125,000.) This means that the majority of first time buyers in London have to pay Stamp Duty and face a further obstacle to home ownership.

I support raising the threshold and indeed any proposals that assist first time buyers in London, regardless of their political origin.