FMB Backs Boris Johnson’s Call to Axe Stamp Duty on New Homes

The Federation of Master Builders (FMB) has backed Boris Johnson’s call to cut stamp duty, clearing the way for developers to tackle the housing crisis and boost the economy.

“Stamp duty is very high at the moment and you can certainly look at cutting it in the round. The benefit would be to reduce the price of a home and stimulate the market,” the Mayor of London told the Evening Standard, as he called on Chancellor George Osborne to use his Autumn Statement next week to axe stamp duty on new developments to help people get their first home.

Neil McQue, FMB Services Director for London, said:

“It is fantastic that senior politicians such as the Mayor of London can see the importance of stimulating the economy and the housing market by clearing the way for developers to build the new homes London, and the UK, so desperately needs. I just hope George Osborne pays heed and announces some practical measures to get Britain building again.”

McQue continued:

“The Department for Communities and Local Government estimates we need to build almost a quarter of a million new homes a year just to keep up with demand, before we even begin to make a dent in the yawning housing deficit. Cutting stamp duty is just one of a raft of measures politicians should be deploying to tackle this crisis. We need councils to free up land to build on and a reduction in red-tape which unfairly penalizes smaller developers and blocks many new projects.”

McQue’s warnings echoed those of John Cridland, the Director General of the CBI, when he addressed the Conservative Party conference in October.

The FMB is working closely with London’s local authorities to make sure new sites are found for development under initiatives such as Hammersmith & Fulham’s Hidden Homes scheme.

Councillor Andrew Johnson, the cabinet member responsible for housing, yesterday unveiled the next stage in Hammersmith & Fulham’s bid to free up sites to develop up to 100 new homes across the borough. The FMB backed the initiative.

McQue concluded:

“We applaud Hammersmith and Fulham’s attempts to find sites to develop new homes, and hope that other local authorities in London and across the UK as a whole will follow suit. While releasing land in this way is an excellent start, it is merely a drop in the ocean when taken into context. There is a growing national housing crisis, and government at all levels must do more to ease the costs created by regulatory burdens and contributions demanded by the planning system.”

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