Blair has vowed to help aspiring first-time buyers who have been priced out of the market, saying: “We will increase the supply of new housing and helping people to get onto the housing ladder.”
Stamp Duty on houses in the UK is currently paid on properties over £60,000.
Rob Clifford, managing director at Mortgageforce, thinks a cut in Stamp Duty would help the current housing situation but that more would still need to be done.
He says: “Stamp Duty is certainly outdated but it is 50/50 whether the government will respond to pressure. There are other measures it could take to help first-time buyers – it might do what other countries have done and extend the key worker scheme.
“The problem is affordability and supply. There simply must be more housing coming onstream so that the demand can be satisfied more easily.
“There is a desperate shortage of housing and the government would be better spending its time and energy ensuring affordable housing.”