Katie Lam, the Conservative Party's Shadow Housing Secretary, has set out proposals to abolish stamp duty and scrap the Future Homes Standard as part of a wider housing policy agenda announced at the party's annual conference.
The measures also include an ambition to reduce the cost of new-build housing by up to £50,000. Lam's announcement places transaction taxes, construction requirements and housing affordability at the centre of the Conservatives' approach to the residential market.
Focus on buyer costs and development rules
Stamp duty is a significant upfront cost for many property purchases, and its abolition would represent a major change for buyers, investors and the wider housing market. The proposal could also affect transaction activity by lowering the financial barrier to moving home.
Scrapping the Future Homes Standard would remove a planned framework for new homes. Lam's statement did not set out further detail on how the proposed reduction in new-build costs would be achieved or how the measures would be implemented.
The proposals remain Conservative shadow policy. The announcement was first reported by Property Wire.
