Overview

• The policy would remove the tax only for main residences, with charges remaining for second homes, company purchases and non‑UK buyers.
• Kemi Badenoch says the cut would be funded from £47bn of savings, including large reductions to welfare, overseas aid and the civil service under a new "golden rule" for using savings.
• The Conservatives estimate the change would cost about £9bn a year, while the Institute for Fiscal Studies puts the figure closer to £4.5bn.
• Property groups welcomed the move as a way to boost transactions and mobility, as economists cautioned it could skew benefits toward wealthier households and risk lifting prices without supply reforms.
• The announcement closes a difficult Tory conference, counters Reform UK’s appeal, and increases pressure on Chancellor Rachel Reeves, who has reportedly explored alternative property taxes ahead of her Budget; Labour compared the plan to Liz Truss‑style unfunded cuts.