Jim Shannon

I thank the Committee for its deliberations, thoughts and recommendations. As the hon. Member for North East Hertfordshire (Chris Hinchliff) said, one thing that I am particularly pleased to see is that the Committee is trying to address the issue of stamp duty. I can remember building my first house on the farm at home in 1987, and it cost £27,000. My son built his house on the farm some 25 years later, and it cost him £125,000. My youngest son now wants to build a house on the farm—the same house that my other son built—but it will cost £275,000. That is the same house, but it will cost £150,000 more than it did. This is a big issue for my constituents and for my family personally. We also have a cottage on the farm, so to help my son, we will let him have that and renovate it. That will probably make it a wee bit easier for him, but not everyone has that opportunity. What consideration did the Committee give to co-ownership—in other words, owning half a house now and perhaps buying the other part later? What consideration did it give to smaller deposits? Smaller deposits and a lower bank mortgage rate might enable more people to buy houses—perhaps with some assistance from Government.