Which party is best for first-time buyers?
Deposits, stamp duty and supply — the three walls between renting and owning. Each party attacks a different wall. Here's the offer, with the numbers on your own purchase.
Where first-time buyers start from
In 2025/26 first-time buyers already pay no stamp duty up to £300,000 (5% to £500,000, nothing above that — full rates apply). The average first home costs around £250,000 nationally but far more in the South East, where the £500,000 relief cliff bites. The bigger barrier is usually the deposit: 10% of even a modest home is a year's gross salary for many.
The offers, party by party
- Conservatives — abolish stamp duty on main homes entirely (matters most above the current £300k relief and for the home you move up to) and the First Job Bonus: your first £5,000 of National Insurance redirected into a deposit fund.
- Reform UK — stamp duty 0% below £750,000: for purchases between £500k and £750k this is the largest single saving on offer (up to £27,500 vs today).
- Labour — supply first: a 1.5-million-homes target, planning reform and a permanent mortgage-guarantee scheme backing low-deposit loans. Slower, but the only lever economists agree cuts prices long-term.
- Proportional Property Tax (Burnham-backed) — scrap stamp duty completely, replacing it and council tax with a 0.48% annual charge: buying costs nothing extra on the day, but you pay yearly.
- Greens / Lib Dems — focus on social and genuinely affordable housebuilding and energy-efficient homes rather than purchase subsidies, arguing demand-side help inflates prices.
The bottom line
Buying below £300,000? Stamp duty offers change nothing — the deposit schemes and supply policies are what matter. Buying at £400,000–£750,000? Reform's cut and the Conservative abolition are worth real money — run your price through the stamp duty calculator to compare all plans at once. And any economist will add: help-to-buy-style demand subsidies historically raised prices; only more homes makes buying cheaper for everyone.
Frequently asked questions
Do first-time buyers pay stamp duty in 2025/26?
Not up to £300,000. From £300,000 to £500,000 they pay 5% on the excess; above £500,000 the relief disappears and normal rates apply to the whole price — a cliff edge that matters in London and the South East.
Which party would cut stamp duty the most for buyers?
Depends on your price. Below £300,000 nothing changes (you already pay zero). Between £500,000 and £750,000, Reform's 0% band saves the most — up to £27,500. The Conservatives abolish it on main homes at every price. The stamp duty calculator compares all plans on your figure.
What is the First Job Bonus?
A Conservative proposal to redirect a young worker's first £5,000 of National Insurance contributions into a fund usable for a first-home deposit — effectively a state-boosted deposit-saving scheme tied to work.