Frankly, people buying a home to let should not be squeezing out families who can’t afford a home to buy.
So I am introducing new rates of Stamp Duty that will be 3 per cent higher on the purchase of additional properties like buy-to-lets and second homes.
It will be introduced from April next year and we’ll consult on the details so that corporate property development isn’t affected.
This extra stamp duty raises almost a billion pounds by 2021 – and we’ll reinvest some of that money in local communities in London and places like Cornwall which are being priced out of home ownership.
The funds we raise will help building the new homes.