North Devon buyers could benefit if Conservatives scrap stamp duty, says agent

An estate agent in North Devon has welcomed the Conservative Party’s proposal to abolish stamp duty on main home purchases, announced at the party's annual conference in Manchester from 5 to 8 October 2025. 

Sean Brickley, director of Northwood estate agents in Barnstaple, said the move could help stimulate the local housing market, though he noted the effect in the area may be limited.

Stamp duty, formally known as Stamp Duty Land Tax (SDLT), is paid by anyone purchasing a home in England and Northern Ireland. It currently applies to properties costing £125,000 or more, or £300,000 for first-time buyers.

In the 2023/24 financial year, SDLT raised £11.6 billion for the government (HMRC).

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Conservative leader Kemi Badenoch unveiled the proposal during her conference speech, framing it as part of a broader agenda to “restore a strong economy, secure our borders, and rebuild Britain’s strength.”

She criticised Labour’s approach to taxation at the conference, stating: “Whether it's Starmer, Farage, Corbyn or Davey, all these men are shaking the same magic money tree.”

The pledge to abolish stamp duty is part of a wider Conservative strategy to reduce taxes and stimulate economic activity.

Ms Badenoch also said a Conservative government would scrap what she described as Labour’s “vindictive tax on education… their tax on family farms [and] their tax on family businesses.”

Mr Brickley, said the announcement was encouraging for the local market. 

“Any announcement about the abolishment of this tax will be welcomed by the industry along with those looking to move. There have been various tweaks to the rules over the years, so to finally hear a political party advocating its abolishment is encouraging,” he said.

Mr Brickley added that while the policy could help stimulate transactions, it is unlikely to push up house prices.

“I wouldn’t expect this impact on prices as sellers need to be competitively priced still, but it would help stimulate the market and increase the number of property transactions taking place,” he explained.

He also noted that first-time buyers in North Devon are largely already exempt from stamp duty due to the £300,000 threshold. 

“I don’t believe It would have a huge impact on First Time Buyers (FTB) in North Devon as most will already be exempt from Stamp Duty, as the threshold is currently up to £300,000 for FTB,” he said.

Still, he added that any national announcement could give the subdued local market a welcome boost. 

“The market remains subdued so it would certainly be a boost if Labour were to announce something similar in the forthcoming budget, we will wait and see…” he said.

Analysts say that while abolishing stamp duty could make moving more affordable and stimulate transactions, the effect is likely to vary by region. 

In areas like North Devon, where property prices are lower and first-time buyers already benefit from exemptions, the policy may have a modest effect compared with higher-priced urban markets.

Supporters of the policy argue that stamp duty has long been a barrier for buyers, adding thousands of pounds to the cost of moving. 

Critics maintain it is an important source of government revenue and a tool to moderate the housing market.