Local MP warns of house price acceleration

David Laws, the Lib Dem MP for Yeovil constituency, has received information from the Halifax showing how rapidly house prices have risen in the South West. The figures show that over the last 4 years house prices in the South West have risen by 177%.

David Laws said

“I am very concerned by the acceleration of house prices in our area. It is becoming increasingly difficult for first time buyers to step onto the property ladder and many people are unable to buy homes in the area they grew up in.

“ The extent to which house prices have risen can be seen in the fact that the South West paid only £65 million in stamp duty in 1996/97, but has paid £180 million in 2000-01. To address long-term demand more affordable housing will have to be found for the South West.

“Because of the huge rise in property prices stamp duty should now no longer be paid on prices up to £100,000 – in other words the current £60,000 exemption must be significantly increased. I plan to work with both central government and the County Council to tackle this growing problem.

Category: MP Press Releases