PARLIAMENTARY DEBATE
First-time Buyers: Mortgages - 11 October 2022 (Commons/Commons Chamber)

This Government will back first-time buyers by increasing the level at which they start paying stamp duty. A young couple can now purchase a property for up to £425,000 without paying tax.

A core tenet of our belief is to help everyone on to the housing ladder, so what assessment has the Minister made since the growth plan about helping people and areas to build houses for those who need and want them?

My right hon. Friend the Secretary of State for Levelling Up, Housing and Communities will make a statement to the House in the coming weeks.

A constituent wrote to me and said, “What world do the Tories live in? I guess one where you protect the rich and wealthy. The suggestion that the Treasury thinks that a person on £30k a year can buy a home in London is frankly laughable and salt in the wound.” How does the Minister expect my constituents in Vauxhall who are already struggling to pay their rent to save to buy a new home on a salary of £30k?

I will be very happy to write to the hon. Lady and to talk to her constituents about the unprecedented intervention that we have made to protect them this winter from their energy bills, putting valuable certainty and confidence not just into every household, but into every business and the economy. That is why the International Monetary Fund has today increased its growth forecast for the United Kingdom.