Stamp Duty: Periodic Tenancies

Earl of Effingham Excerpts

Monday 9th March 2026 Lords Chamber

[Baroness Taylor of Stevenage (Lab)]

As the noble Lord will know, the basis of the Renters’ Rights Act was made under the previous Government. We wanted to make sure that we tackle the issues in the housing market and have done so with a very effective piece of legislation. On mass evictions, the latest Ministry of Justice landlord possession action statistics published in February showed a 17% reduction in county court Section 21 landlord-accelerated possession claims in quarter 4 compared with the same quarter in 2024. We have given a strong message that responsible landlords have nothing to fear from the reforms; they will have access to a wide range of possession grounds where they are needed.

[The Earl of Effingham (Con)]

My Lords, the Government told us last year that there would be a consultation on creating a new ISA product to support first home buyers in early 2026. Can the Minister confirm the timeline of that consultation and clarify whether there will be any changes to the existing lifetime ISA, which is helping first-time buyers significantly?

[Baroness Taylor of Stevenage (Lab)]

I am currently working across the sector on a wide range of support to provide the framework that first-time buyers will need in order to take the practical steps to access the market and to build up confidence. That work is going very well. First-time buyers benefit from paying no stamp duty up to £300,000 and can claim relief on purchases up to £500,000. Further steps will be announced in due course.