On October 8, 2025, the Conservative Party leader, Kemi Badenoch, electrified her party's annual conference in Manchester with a surprise pledge: if the Conservatives win the next general election, they will abolish stamp duty on the purchase of main homes in England and Northern Ireland. The announcement, which capped a speech lasting over 50 minutes, drew a standing ovation from the Tory faithful and instantly became the top story across British newspapers the following day.
Badenoch’s bold promise was delivered at a time when her party faces daunting poll numbers, trailing both Labour and Reform UK. Yet, her speech was anything but defensive. Filled with personal anecdotes, humor, and a slew of new policies, it was clearly designed to reinvigorate a party still smarting from years of political turbulence and leadership churn. According to The Daily Mail, Badenoch “electrified the Tory party conference by announcing plans for an audacious £9bn tax cut funded by a crackdown on welfare and waste.”
Stamp duty, formally known as Stamp Duty Land Tax, is currently charged by HMRC on residential properties in England and Northern Ireland costing more than £125,000, with first-time buyers exempt up to £300,000. The rates are progressive, starting at 0% and rising to 12% for properties worth more than £1.5 million. Badenoch did not mince words in her criticism of the tax, calling it “a bad tax,” and arguing, “We must free up our housing market, because a society where no one can afford to buy or move is a society where social mobility is dead.”
Under the Conservative proposal, stamp duty would be abolished entirely for primary residences, while remaining in place for additional properties, homes purchased by companies, and for non-UK residents. The Scottish and Welsh Conservative parties have already signaled that they would replicate the cut if elected in their respective nations, where similar property taxes apply. Scottish Tory housing spokesperson Meghan Gallacher urged the Scottish government to follow suit, calling it “a policy for the aspirational.”
The cost of this sweeping change is a matter of debate. The Conservatives estimate that abolishing stamp duty on main homes after 2029 would cost the Treasury £9 billion per year. The Institute for Fiscal Studies (IFS) puts the direct cost at around £10.5-11 billion annually, factoring in potential costs in Scotland and Wales. Still, IFS researchers noted the Conservative estimate was not “unreasonably low,” given the uncertainties in future property prices and transaction volumes.
How does Badenoch propose to pay for this? She pointed to £47 billion in planned savings announced earlier in the week, derived from cuts to welfare, foreign aid, and the civil service. Half of these savings, she pledged, would go towards reducing the deficit—a “golden rule” for any future Tory government. “That is how we will help achieve the dream of home ownership for millions,” she told a packed hall, according to the BBC.
Badenoch’s speech was about more than just stamp duty. She laid out a raft of other proposals designed to show how the party has changed since its chaotic final years in government—years that saw four prime ministers come and go in just five years. Among her promises: scrapping business rates to boost high streets, axing the carbon tax on electricity, trebling police stop and search in crime hotspots, closing down so-called “rip off” university courses, and boosting apprenticeships. She also pledged to scrap new employment rights and VAT on private school fees, moves that were met with cheers from the conference floor.
Her rhetoric was pointedly aimed at Labour, with Badenoch accusing Sir Keir Starmer’s government of being “weak and directionless” and responsible for a “doom loop of higher taxes, weaker borders, and chaos.” She said, “They had a plan to win, but no plan for power. No vision for Britain. They know how to make promises, but not how to deliver them.”
While much of the media coverage focused on the stamp duty pledge, other stories competed for attention. The i Paper noted the political pressure this move places on Chancellor Rachel Reeves ahead of the November Budget, where she is believed to be considering her own overhaul of property tax. Reports suggest Reeves may replace stamp duty with a national proportional levy on the sale of homes worth more than £500,000, a proposal critics have labeled “a tax on ordinary Londoners.” Labour’s current housing plans, meanwhile, focus on speeding up the buying process and increasing transparency for buyers, rather than sweeping tax cuts.
Reform UK, for its part, has promised to scrap stamp duty for properties below £750,000 and to reduce rates for higher-value homes. The party’s manifesto, according to The Independent, aims to cut the rate to 2% for homes between £750,000 and £1.5 million, and 4% above that threshold. Such pledges reflect the intense competition among parties to win over aspiring homeowners—a key electoral demographic.
Political analysts have been quick to note the potential risks and rewards of Badenoch’s headline-grabbing announcement. On one hand, it draws a sharp dividing line with Labour and positions the Conservatives as the party of aspiration and home ownership. On the other, it raises questions about the sustainability of such a large tax cut, especially when public finances remain under strain.
Media reactions have ranged from enthusiastic to skeptical. The Daily Express called Badenoch’s performance a “barnstorming speech,” while The Times described it as a “pitch to younger voters.” The Daily Mail ran with the headline, “Kemi fires up Tories with pledge to scrap hated stamp duty.” Meanwhile, the Financial Times and The Guardian gave more column inches to other pressing issues, such as warnings from the International Monetary Fund and Bank of England about a possible AI-driven stock market correction, and the government’s plans to overhaul licensing laws for pubs and restaurants.
Still, the significance of Badenoch’s announcement is hard to overstate. For a party struggling to regain its footing after years of upheaval, the abolition of stamp duty offers a clear, simple message: the Conservatives are betting that a promise to make home ownership more attainable will resonate with voters weary of stagnation and rising costs. Whether this gamble pays off at the ballot box remains to be seen, but for now, Badenoch has succeeded in putting the Tories back in the headlines—and in the political conversation.
