The Conservative Party has announced that it would scrap stamp duty on sales of primary residencies if it won the next General Election.

Conservative leader, Kemi Badenoch, told the party’s conference that she would abolish the tax that new buyers in England and Northern Ireland pay on house purchases over £125,000.

Stamp duty, which brings in an estimated £9bn a year, would still apply on properties bought by companies and purchases by non-UK residents under plans outlined by the Conservatives.

Badenoch said that homeownership should be a "dream that’s open to everyone".

She told the Conservative Party conference: "Abolishing stamp duty on your home is a key to unlock a fairer and more aspirational society.

"Scrapping stamp duty will benefit people of all ages, because conservatism must speak to all generations: the young professional buying their first flat, the couple looking for somewhere to bring up their first baby, the growing family hunting for their forever home."

Commercial director at Houzecheck, Richard Sexton, welcomed the decision, describing stamp as an "outdated, regressive tax burden" for anyone looking to purchase a home.

He stated: "Stamp duty land tax inflates the already hefty costs of purchasing a property. It unfairly punishes those who’ve saved to buy a home but now need to upsize or move for work, while also discouraging older homeowners from downsizing – even when their large homes are no longer needed.

"Tenants aren’t spared either – landlords offset the surcharge through higher rents. Not only does it cost a great deal of money, it is also hampers Britain’s economic efficiency by discinsentising relocation for work."

Chief executive at HomeOwners Alliance, Paula Higgins, agreed that stamp duty is a tax that "traps households, hampers mobility and suppresses market activity".

She concluded: "Homeownership is the foundation of a fairer and more secure society – but stamp duty has denied that opportunity to too many for too long. Our research shows over 800,000 homeowners have shelved moving plans in the past two years, and stamp duty is a major barrier.

"By scrapping it, we don’t just help first-time buyers: we unlock supply, free up stock, stimulate related trades and get the housing market moving. This will be a real vote winner."

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