Stamp duty giveaway 'amounts to £11.82 for North East first-time buyers'

Average first-time buyers in the North East will save just £11.82 as a result of the Government's decision to waive stamp duty, a Labour MP has claimed.

By The Newsroom
Wednesday, 29th November 2017, 8:26 am
Updated Wednesday, 29th November 2017, 8:28 am
One MP has claimed waiving stamp duty 'offers nothing' to her community.
One MP has claimed waiving stamp duty 'offers nothing' to her community.

Laura Pidcock told the Commons her constituents would not be jumping for joy at the announcement in last week's Budget.

Chancellor Philip Hammond announced the immediate abolition of stamp duty for all properties up to £300,000 bought by first-time buyers with immediate effect.

She told MPs: "On behalf of my community in North West Durham, I feel I must convey extreme disappointment and anger at the Budget last week.

"Aside from the pantomime proceedings, it offered nothing to my community.

"Let me choose just one example to illustrate, and that's the stamp duty giveaway.

"Well in the North East, average house prices for first-time buyers are £125,591.

"That would mean a tiny giveaway of £11.82 on stamp duty, so please forgive those people who have endured seven years of a pay freeze - a typical prison officer, for example, only £30 better off now than they were seven years ago - if they don't jump with joy at those announcements."