Sold Home For SaleResponding to Labour’s announcement that it would abolish stamp duty for first homes bought for less than £300,000 and build 1 million homes by 2020, Alex Hilton, Director of Generation Rent, said:

“Any cut to stamp duty just stimulates demand for housing. The extra cash a first time buyer would have just goes straight to the person selling the house at a higher price. More giveaways won’t fix the housing crisis – the government should spend any extra tax revenues from landlords on expanding supply.

“According to Labour’s own housing review, we need to build 243,000 new homes a year to keep up with demand – that’s at least 1.2 million over the next five years. The 1 million Labour is planning is not enough and will see the housing crisis get even worse.”

Generation Rent, the operating name of the National Private Tenants Organisation, is campaigning for professionally managed, secure, decent and affordable, privately rented homes in sustainable communities.

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