David Ruffley MP has today explained how new Conservative Party proposals, designed to help first-time buyers, will benefit people living in the Bury St Edmunds constituency.

The proposals include:

Cutting stamp duty for first time buyers- The current stamp duty threshold is just £125,000. The Conservatives will abolish stamp duty for first-time buyers on homes sold at up to £250,000.

Increasing the inheritance tax threshold to £1 million- The inheritance tax threshold has not been increased in line with house price inflation. The Conservatives will raise the threshold from £300,000 to

£1 million.

David said:

'The average house price for a first time buyer in East Anglia is over £154,000. The current stamp duty threshold is just £125,000 which means over half of first time buyers are paying stamp duty.

'The Conservative Party will abolish stamp duty for first time buyers on homes sold at up to £250,000. This could save a first time buyer in our part of Suffolk up to £2,500- this is the sort of amount that can make a real difference when setting up your first home and will mean that nine out of ten first time buyers will pay no stamp duty at all.

'To help families across Suffolk, and the rest of the Country, the Conservative Party is proposing that the inheritance tax threshold is increased to £1 million.

'In areas in and around Bury St Edmunds the average detached house price is now over £300,000- this means the value of the house alone is above the current inheritance tax threshold.

'It seems staggeringly unfair to me that, after working hard all their life and paying income tax, an average individual's family is hit with another huge bill simply because the inheritance tax threshold has not increased inline with the inflation in house prices.

'In addition, the Conservatives propose abolishing the ill-advised Home Information Packs (HIPs). This new red tape threatens to undermine the stability of the housing market and further increases the cost of moving home.

'These are modern Conservative policies that will make life easier for thousands of families across Suffolk.'