Bellway boss calls for Rachel Reeves to reverse stamp duty hike to help first-time buyers

Bellway's chief executive, Jason Honeyman, is urging Chancellor Rachel Reeves to reverse recent stamp duty hikes that have negatively impacted first-time buyers. He stated that the threshold for paying stamp duty for first-time buyers fell from £425,000 to £300,000 in April, significantly reducing affordability. Honeyman, speaking on behalf of major homebuilders, also called for the establishment of a long-term deposit support scheme to boost market sentiment, which he described as "low." Honeyman argued that not all young people receive financial assistance from family, and government support, even in smaller amounts, would help first-time buyers and stimulate the housing market. Bellway reported a 21% rise in full-year profits but warned of weak consumer sentiment stemming from increased stamp duty and uncertainty about potential tax changes in the upcoming November Budget. Bellway emphasized that while the company is well-positioned for future home building, supportive government policies are crucial. They specifically highlighted ... download the app to read more