Mike welcomes pledge to help North Somerset's young homebuyers

11.53.15am GMT Wed 9th Mar 2005

Mike Bell, the Liberal Democrat Prospective MP for Woodspring Constituency, has welcomed a new Liberal Democrat commitment to abolish the payment of stamp duty for anyone buying a property for under £150,000. The current threshold is just £60,000.

The change could mean more than 1,000 homebuyers every year in North Somerset will no longer pay any tax on their new property purchase. The saving for each homebuyer will be as high as £1,500 and will particularly help first-time buyers who are struggling to get on the property ladder.

Mike Bell said: "House prices have soared in North Somerset and I know from my own experience that getting on the property ladder has become very difficult for first-time buyers.

"Currently anybody buying a property for over £60,000 has to pay one percent stamp duty on the cost of their new home. The new Liberal Democrat commitment will raise the level at which stamp duty becomes payable on a property from £60,000 to £150,000.

"More than 1,000 homebuyers could benefit every year in North Somerset from this policy. The saving for a homebuyer will be as much as £1,500.

"All homebuyers purchasing a property for under £150,000 will save money from this policy - not just first-time buyers - but it will be particularly welcomed by people trying to get on the first rung of the housing ladder.

"With student debts increasing and pressure to save for a pension, young people across North Somerset are finding it harder to get themselves financially established. Abolishing all stamp duty on property purchases under £150,000 would be a positive step in the right direction."