The Chancellor of the Exchequer, Phillip Hammond, has announced an effective £5000 tax-cut for first-time home buyers, in a move that has delighted St Albans MP, Anne Main. 
 

‘This is a very welcome announcement by the chancellor.  I’ve been saying for some time that we need to help young people get on the ladder, and I’m glad that the chancellor recognised our pleas for help,’ said Mrs Main.      

Mr Hammond said that ‘to ensure that this relief also helps first-time buyers in very high price areas like London, it will also be available on the first £300,000 of the purchase price of properties up to £500,000, meaning an effective reduction of £5,000.’ 

Anne said, ‘For first-time buyers in St Albans, this is a significant saving that will help them realise their dream of owning their own home.  There are still many challenges ahead in housing, but this is an important step.   

‘Recently I’ve asked the treasury questions on stamp duty, and found that whilst the amount of revenue has increased, transactions have actually gone down.  These changes make economic sense, as there is good evidence to suggest that this will increase transactions. More important, however, is helping people realise their aspiration of homeownership.’ 

Anne also welcomed announcements on business rates to switch to the lower CPI rate of inflation from RPI, and freezing beer duty: ‘The chancellor has made changes that will help our businesses, particularly small enterprises.  But there are still challenges ahead.  Freezing beer duty and extending the rates discount on pubs is welcome, but we must continue to look at how we ease the burden of our pubs in high-value areas.’