Proposed Stamp Duty abolition backed by Devon MP could ease housing crisis

Rebecca Smith, MP for South West Devon, has voiced strong support for Conservative Leader Kemi Badenoch’s proposal to abolish Stamp Duty on main home purchases, describing it as a “game-changer for families and homeowners across the South West.”

Speaking after Ms Badenoch’s announcement at the Conservative Party Conference in Manchester, Ms Smith said: “Owning your own home gives you a real stake in your community and a sense of pride and stability for your family. Yet our housing market is not working as it should. Too many people face barriers when they simply want a home that meets their needs.”

Her backing comes as Devon continues to face growing challenges around housing affordability. 

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According to the Office for National Statistics’ (ONS) UK House Price Index from July 2025, the average house price reached £293,000 in West Devon, £331,000 in East Devon, and £281,000 in Mid Devon, an increase of around five per cent over the past year. 

First-time buyers across these districts typically face prices between £230,000 and £265,000, far above what many local salaries can support. 

With average annual earnings in Devon around £31,000, according to ONS, home ownership remains out of reach for many younger residents.

Housing organisations and local councillors have repeatedly warned that rising prices, coupled with second-home ownership and a shortage of new builds, are forcing families out of the market. 

A 2025 report by the Devon Housing Commission found that the South West now has “one of the lowest housing affordability ratios in England,” with average homes costing nearly ten times the average local income.

Under Ms Badenoch’s plan, the abolition of Stamp Duty would cost the Treasury an estimated £9 billion per year, funded through a broader Conservative savings package worth £47 billion. 

Half would go toward reducing the national deficit, with the remainder supporting economic growth measures.

Ms Smith added: “This is about creating a fairer, more flexible housing market that works for everyone, from first-time buyers to retirees looking to downsize. It gives people across South West Devon a fairer shot at finding the right home for them.”