Local MP, Dr. Phyllis Starkey, welcomes the Government’s axing of stamp duty below £175,000, announced today.

Dr. Starkey says, “First time buyers, currently frozen out of the mortgage market will be eligible for a 30% equity loan through local HomeBuy Agent Catalyst provided their household income is less than £60,000. The government has already abolished stamp duty on shared ownership properties but the extra stamp duty holiday for properties under £175,000 will help even more”.

“In addition the new mortgage rescue scheme will allow housing associations or the council to buy and rent back all or part of a property allowing families to stay in their own home not face repossession. For those needing rented housing an extra £400m nationally will be spent on social homes for rent.

“These measures should help maintain house building which is absolutely vital to meet the housing needs of young people and families locally.”