The devolution of stamp duty to councils could deliver more than 40,000 new homes a year in London, according to new analysis.
The research, conducted by Greater London Authority Conservative Gareth Bacon, found London could finance double the number of new homes being built if it was allowed to retain £4.2bn raised in stamp duty every year.
‘I welcome the chancellor’s decision to devolve business rates to local councils, now stamp duty should be next on the list,’ said Mr Bacon.
‘My sums show that if the Capital uses its stamp duty on constructing new homes, it can more than double house building from 20,520 to 42,614 every year. It’s time for London to finance its way out of its housing shortage through common sense reforms.’
Mayor of London Boris Johnson said he supported the proposal to devolve stamp duty to London government.
