London Mayor Seeks Stamp Duty Revenues to Boost Housebuilding

The mayor of London, Sadiq Khan, has urged the chancellor, Philip Hammond, to hand over control of the capital's stamp duty receipts to fund an urgent acceleration in the building of affordable homes.

Mr Khan described trying to tackle the housing crisis without access to the £3.4bn annual revenue from London home sales as like fighting with one arm tied behind his back.

The Conservatives accused Mr Khan of making excuses for low housebuilding under his leadership, and said the Treasury had no plans to hand over the cash.

London's stamp duty receipts have soared from around £1bn in 2008/09 to £3.37bn in 2015/16, according to data from HM Revenue and Customs.

Sadiq Khan said:

"I've been honest with Londoners from the start. We won't turn things around overnight. This is going to be a marathon, not a sprint, and we can't do it with one hand tied behind our backs.

"The deal I struck last year with government for greater investment in affordable housing was welcome and a vital first step towards tackling the housing crisis, but they must give London greater control over our own resources so we can lead a step-change in tackling the shortage of affordable homes in London."

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Mandy Peters

Property Solicitors