On Monday the government's Stamp Duty Land Tax (Reduction) Bill passed its second reading in the House of Commons.
In closing the debate on behalf of the government, Richard highlighted that the measures contained in the Bill would:
- increase the nil rate of stamp duty in England and Northern Ireland from £125,000 to £250,000 for all purchasers of residential homes.
- increase the nil rate threshold for first time buyers from £300,000 to £425,000.
- deliver average savings for a house buyer in England of £2,500 - money that can be used to help with moving costs, or in additional furnishings or appliances.
The opening and closing of the debate can be watched here.
Speaking after the debate, Richard Fuller MP said:
These measures will help to increase labour mobility, stimulate the housing market, boost the property industry, support hundreds of thousands of jobs and continue the government's record of supporting people into home ownership, especially those starting out on the housing ladder for the first time.
Despite all these benefits, and the support it would deliver to millions of their own constituents, Labour voted against the Bill.
