Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of recent changes to stamp duty thresholds on the number of first time buyers entering the property market.

Recent changes to stamp duty thresholds on 1 April 2025 were the result of policy introduced by the previous government. HMRC analysis estimates that there will be 4,000-6,000 fewer first-time buyer transactions per year between 2025/26-2029/30 as a result.

At Budget 2024, the Government increased the higher rates of Stamp Duty Land Tax (SDLT) for additional dwellings by two percentage points from 3% to 5%. This measure will help to ensure that those looking to move home, or purchase their first property, have a greater advantage over second home buyers, landlords, and companies purchasing residential property. The OBR certified costing estimates that increasing the higher rates of SDLT by two percentage points is expected to result in 130,000 additional transactions over the next five years by first-time buyers and other people buying a primary residence.