Black Brick Founder and Managing Partner Camilla Dell comments in Property Soup (29 October 2026) on the Government’s Your First Home scheme and the decision not to reform stamp duty at the Autumn Budget.
Your First Home and London
Camilla warns that the scheme’s proposed £500,000 property price cap could do little to improve affordability in London, where high development costs could limit the number of new-build homes available to first-time buyers.
Camilla Dell, Managing Partner at Black Brick, told Property Soup:
“While the ‘Your First Home’ scheme is a well-intentioned attempt to help first-time buyers, the reported £500,000 price cap would appear to significantly limit its impact in London, where average property prices are considerably higher.”
She adds that London housebuilders are already saying the economics of developing new homes in the capital are increasingly challenging, which raises a real question over how much suitable new-build stock will be available under the scheme.
Why stamp duty reform matters
Camilla also describes the decision not to overhaul stamp duty as a missed opportunity. Citing Knight Frank research, she notes that stamp duty receipts from transactions above £5 million fell by a net £541 million in the 18 months following the October 2024 Budget, while sales in that price bracket fell by 14%.
“The current system creates a significant upfront cost for buyers, discourages people from moving and risks suppressing the very transactions that generate tax revenue for the Treasury.”
Fewer transactions, she argues, also affect surveyors, solicitors, mortgage lenders, removal companies and the other businesses that depend on property sales.
To see what you would pay on a purchase, use our stamp duty calculator.
