OPINION: It’s time to scrap stamp duty and save Bedfordshire families thousands
Monthly column by Blake Stephenson, the Conservative Member of Parliament for Mid Bedfordshire
Stamp Duty is a bad tax. And even those who disagree with scrapping it often admit its flaws. But now is the time to scrap it.
For many families across Central Bedfordshire and Bedford Borough, the dream of moving home has started to feel less like a step forward and more like a hugely complicated process, with extra costs at every turn. One of the biggest culprits is stamp duty, a tax that quietly but significantly adds thousands of pounds to the cost of moving.
New analysis shows that under Conservative plans to abolish stamp duty on the family home, households in Mid Bedfordshire would save thousands of pounds, with an average of £7,932 saving in Central Bedfordshire and £6,306 in Bedford Borough. That is money that could instead go towards a deposit, renovations, or simply giving families a bit more breathing room.
Housing affordability remains one of the defining challenges of our time, particularly for younger people trying to get onto the property ladder. Stamp duty only makes that climb steeper. It also discourages older residents from downsizing, which in turn reduces the number of family homes available. The result is a housing market that feels stuck, with too few homes changing hands.
The Conservative proposal, first set out last October, aims to break that logjam. By removing stamp duty on the family home, it would make moving more affordable at every stage of life. Research suggests that up to two million people would consider downsizing if the tax were scrapped. Even a fraction of that would free up significant housing supply.
There is also a wider ripple effect. Every home move supports local businesses, from removal firms to tradespeople. It is estimated these reforms could inject £1.2 billion into such businesses, providing a welcome boost to local economies.
Crucially, these plans are designed to be fully funded through reductions in unsustainable areas of public spending, ensuring they sit within a responsible framework for managing the nation’s finances.
People who work hard and want to build a stable future should not be penalised for moving home. Scrapping stamp duty on the family home would remove a major barrier, help get the market moving again, and bring the goal of homeownership back within reach for many in our community.