In a dramatic move that could revolutionise Britain's property landscape, Tory leadership hopeful Kemi Badenoch has pledged to scrap stamp duty for the vast majority of first-time buyers if she becomes Prime Minister.
The Business Secretary unveiled her bold housing policy during the Conservative leadership contest, promising to eliminate the controversial property tax on homes costing up to £500,000 for those stepping onto the property ladder for the first time.
A Lifeline for Aspiring Homeowners
Under Badenoch's radical proposal, the current stamp duty threshold of £425,000 for first-time buyers would be significantly raised to half a million pounds, effectively removing the financial burden for the overwhelming majority of new entrants to the housing market.
"We need to make the dream of home ownership a reality for young people across Britain," Badenoch declared during her campaign launch. "Scrapping this tax barrier will give hundreds of thousands of families the helping hand they need."
Conservative Leadership Battle Heats Up
The policy announcement comes as Badenoch positions herself as the candidate of bold, conservative reform in the race to replace Rishi Sunak. Her housing pledge directly addresses one of the biggest financial challenges facing younger voters, who have increasingly turned away from the Conservative party.
Current stamp duty rules already exempt first-time buyers from paying the tax on properties up to £425,000, with relief available on purchases up to £625,000. However, Badenoch argues these thresholds no longer reflect modern property prices, particularly in high-cost areas like London and the Southeast.
Economic Implications and Market Response
Property experts have welcomed the proposal as a potential game-changer for the UK housing market. "This could stimulate movement at the lower end of the market and help unblock the property chain," noted one leading housing analyst.
However, critics have raised questions about the potential impact on government revenues and whether the policy might further inflate property prices in the short term.
As the leadership contest intensifies, Badenoch's stamp duty pledge establishes her as a serious contender willing to make eye-catching policy commitments to win over both party members and the wider electorate.
