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Harriett Baldwin pledges to help first-time buyers and families across West Worcestershire

5th October 2007

Harriett Baldwin welcomed new proposals designed to help families and first-time buyers, unveiled at the Conservative Party Conference in Blackpool.

The policies reflect the Conservative agenda of strengthening families, giving local communities more power over their lives, and building stable and greener communities.

  • Cutting stamp duty for first-time buyers: Buying a home is an aspiration for millions of people, but is becoming increasingly out of reach. Gordon Brown has made houses less affordable with his stealth tax rises. The current stamp duty threshold is just £125,000, meaning over half of first-time buyers now pay stamp duty. In the West Midlands, the average price paid for by a home by first-time buyers is £134,100. Conservatives will abolish stamp duty for first-time buyers on homes up to £250,000. This will mean that nine out of ten first-time buyers will pay no stamp duty.
  • Increasing the inheritance tax threshold to £1 million: Under Gordon Brown, the inheritance tax threshold has not been increased in line with house price inflation. Conservatives will raise it from the current level of £300,000, so that only millionaires pay inheritance tax. This will be welcomed in West Worcestershire. For example, in Malvern WR13 postcode, 85% of sales of detached homes already take place for over £300,000. In Tenbury Wells, 50% of detached homes sell for over £300,000. In Malvern WR14, 45% of sales take place for over £300,000 and in Pershore 50% of detached homes sales.
  • Abolishing Home Information Packs: Labour's new red tape threatens to undermine the stability of the housing market and increase the cost of moving home. Conservatives will abolish Home Information Packs and look to implement practical ways of making it easier to move home.

Harriett Baldwin said:
"Conservatives believe home ownership creates a stronger society. These changes will help first-time buyers in West Worcestershire get on the housing ladder, scrap the red tape on selling a home and the dreaded inheritance tax will no longer apply to anyone who is not a millionaire."

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Harriett Baldwin
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