Overview

• Stamp duty would be removed only for primary residences in England and Northern Ireland, with the levy retained for second homes, company purchases and non‑UK buyers.
• Stamp duty raised about £13.9bn last year; the Conservatives estimate the pledge would cost £9bn, while the IFS puts the direct cost closer to £4.5bn for main homes.
• Funding is presented as part of £47bn in cuts to welfare, overseas aid and the civil service under a new “golden rule” that splits savings between deficit reduction and tax cuts.
• Property groups including Zoopla, Knight Frank and Propertymark welcomed the potential boost to transactions, as economists warned the gains would skew toward wealthier homeowners and the South East.
• The announcement closes the Tory conference and increases pressure on Chancellor Rachel Reeves before the November Budget, with reports indicating she is unlikely to replace stamp duty next month.