Opposition parties’ MPs in The House of Commons have slammed the government’s changes to stamp duty thresholds and once again took advantage of the debate of having a ‘dig’ at second home owners (of which he is one) and landlords.

Just over six weeks ago Kwarteng’s ill fated mini-budget raised stamp duty thresholds to £250,000 and £425,00 for first time buyers before having to pay any tax.

Labour MP and ex-Chancellor under Corbyn’s leadership John McDonnell told the House of Commons that the stamp duty change was virtually no help to ‘ordinary’ people on low wage levels after twelve years of austerity.

He stated that the majority of his Hayes & Harlington constituents cannot afford to save up a deposit and then slammed what he called a boom in ‘private landlordism’. McDonnell is aghast that BTL companies are still able to offset 100% of mortgage interest costs against profits.

McDonnell said the House could only help first time buyers to get on the housing ladder by reducing property costs together with the rather obvious encouragement of housing development, he said: “If the government insist on proceeding with this Bill, we could protect the first-time buyer measures by paying for them through  what he called “an excess profits tax” on the landlords and banks profiting from the government’s measures.”

Liberal Democrat leader Tim Farron entered the debate stating that the stamp duty cuts will only help a fraction of one per cent of people wishing to buy a house but cannot afford to do so currently. He reiterated his call for planning regulations to make holiday lets and second homes become classed as separate categories under new rules.

Labour’s shadow treasury minister Tulip Siddiq  entered the fray and contrasted those benefitting from the new stamp duty thresholds with tenants average yearly rent has risen since 2010 by over £4,500.

Siddiq said: “This plan will do little to help people take their first important step on to the housing ladder and that it is just another Government handout for wealthy landlords and second homeowners. Labour is the true party of home ownership, which is why we have committed to a target of 70 per cent home ownership across the UK. We will achieve that by looking at reform of the planning system to increase house building. Because if the Government keep inflating demand without increasing supply, house prices will only rise.”

She repeated the Labour policy of giving local first time buyers first refusal on new build homes in attempts to stop second home owners and BTL landlords getting to the front of the queue.

Economic Secretary to the Treasury Richard Fuller, ended the parliamentary debate by addressing the chances of a U-turn when saying: “The stamp duty change is already in effect and the Government are continuing with the legislation.” He claimed the stamp duty cut will benefit around 43 per cent of purchases each year by not having to pay any SDLT, and will not include any BTL or second home purchases; he also stated that there is still a 2 per cent stamp duty charge for foreign non-residents’ purchases.