Families across West Somerset and Mid Devon could save an average of £3,500 if the Conservative plan to scrap Stamp Duty goes ahead, freeing up the housing market and helping more people choose where they live.
Stamp Duty is the tax paid when buying a home. Currently, anyone purchasing a main residence worth more than £250,000 pays 5% on the portion above that threshold. With the average house in Mid Devon now selling for around £310,000, and in Somerset West & Taunton around £335,000, most buyers pay between £3,000 and £4,500 in tax to move house.
Under the Conservative proposal, this charge would be abolished for primary homes, making it cheaper for families to buy a large home, downsize or relocate for work.
James Wright, a farmer and Conservative campaigner, said the move would “unblock” the local housing market and make it easier for people to live where they want.
“Stamp Duty is one of the worst taxes we have, it stops people moving, traps families in homes that don’t fit their needs.” he said.
“In West Somerset and Mid Devon, the average family would save around £3,500. That’s money better spent on a new kitchen, a builder, or local trades, not lost to the Treasury.”
“It would also help older couples who want to downsize, freeing up larger homes for the next generation, and help families move closer to schools, jobs, and care for relatives. It gives people freedom of choice.”
According to HMRC data, the South West paid around £1 billion in Stamp Duty last year, roughly £15–20 million a year from the West Somerset and Mid Devon area alone. Abolishing it would not only boost local mobility but also inject millions back into the regional economy through moving costs, renovation work, and household spending.
Economists have long criticised Stamp Duty as a “bad tax” because it discourages moving. Studies show that even small increases in the rate can reduce household mobility by more than a third, leaving many older homeowners unable to downsize and young families struggling to move up the ladder.
“We’ve got to make it easier for people to build a life here, not harder,” he said. “Scrapping Stamp Duty will help keep our villages and towns thriving, with local families able to stay close to the communities they love.”
