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First-time Buyers

Volume 645: debated on Monday 23 July 2018

17. What assessment he has made of the effect of the Help to Buy scheme and the reduction in stamp duty on the number of homes purchased by first-time buyers. (906589)

A total of 128,317 first-time buyer households have purchased a home through a Help to Buy equity loan from its launch in April 2013 to December 2017. Some 69,000 first-time buyers have benefited from stamp duty relief between its introduction in the autumn Budget 2017 and the end of March 2018.

One of the greatest concerns raised by young people in West Oxfordshire is whether they will ever be able to afford a home in their town or village. I welcome the stamp duty cuts, which have helped people across the country. Can the Minister tell us how many have benefited from our changes?

My hon. Friend is well known for his championing of young people and their causes, particularly in his constituency, and he is right to point out that this move will benefit young people in particular. The stamp duty relief will help 95% of first-time buyers who pay it—that will be more than 1 million households over the next five years. Between the relief’s introduction and the end of March, 69,000 first-time buyers have already benefited. I would also point out that we are at an 11-year high in the number of first-time buyers, which stands at 363,000.