Stamp Duty Land Tax (Temporary Relief) Bill — House of Commons, 2020-07-13
Topic: Housing
Robert Peter Moore (Conservative, Centre-right): It is a pleasure to follow my hon. Friend the Member for South Cambridgeshire (Anthony Browne), who speaks with great passion and knowledge on this subject Coronavirus has had a devastating impact on the housing market, with property transactions falling by up to 50% in May and housing prices falling for the first time in eight years. One of the most important areas for job creation is the whole housing sector, so we need mechanisms with which to stimulate, loosen the barriers, open the market and instil confidence in people to buy, sell and renovate. The Chancellor’s announcement last week introducing a temporary SDLT cut until 31 March next year by increasing the nil rate threshold to £500,000 plays a key role in doing that. It is estimated that this measure will mean that approximately 90% of people buying their main home this year will pay no SDLT, which is great news. I believe the conversation on SDLT should go even further, and I would welcome exploring its removal for buyers altogether, with perhaps the consideration for such a tax to be transferred to the seller. Alternatively, as was suggested by my hon. Friend the Member for Thirsk and Malton (Kevin Hollinrake), who is no longer in his place, we could look at an ongoing annual property tax review Through last week’s announcements, we have seen, yet again, that the Chancellor is on the side of business and jobs. This temporary SDLT cut is yet another tangible, significant weapon in our Government’s armoury to reignite the economy through our overall plan to create jobs. House builders alone support nearly 750,000 jobs, with millions more people relying on the availability of the housing sector and housing market to find work One of the first visits I undertook as the proud new Member for Keighley was to Keighley College, where I was lucky enough to meet one of its level 1 students who was undertaking a construction course. I witnessed him building a wall in one of the college’s classrooms for the first time, where he started to learn the skills needed for the building trade and the ropes required to get on. With its principal, Steve Kelly, and his awesome team, who are full of enthusiasm and want the very best for their students in Keighley, I went on to see students undertaking fabrication and welding, electrical, plumbing, gas safety and engineering courses, all with students who were determined to progress, upskill and get a job. The Chancellor’s announcements last week on SDLT, along with many other packages, are most welcome, as it is vital that we use every mechanism to kick-start the whole housing market and get its wheels in motion, so that, in turn, the construction industry, which attracts a huge number of employees, can start moving again, and so that keen and enthusiastic students such as those at Keighley College can learn a trade, with the comfort of knowing that they will be greeted with a job at the other side This is such an important debate, as it actively aims to create, secure and protect jobs. Many Conservatives have contributed to the debate, but only two Labour Back Benchers have done so. In summary, this Bill demonstrates that this Conservative Government are on the side of those hard-working families who want to get on the housing ladder and progress. For those first-time buyers, it loosens the market, while ensuring that those hard-working families have more money in their pocket.