Mick Grant

I welcome the new measures announced by the government today to suspend stamp duty for a year on houses costing less than £175,000, introduce free five-year loans of up to 30 per cent of a property's value for first time buyers and to bring forward spending to encourage more social housing to be built. 

The Stamp Duty holiday, which starts from tomorrow, raises the threshold at which the 1 per cent duty is paid from £125,000 to £175,000. The scheme applies only to buildings entirely for residential use. It is hoped the measures will kick-start the housing market and encourage people - and especially first time buyers - to get on the housing ladder.

I welcome any new initiative which will help local people and encourage first-time buyers to get a foothold on the housing market. There is no doubt that we need to help people and I am sure these new measures will make a big difference.