New Housing Minister Named and Stamp Duty Cut Confirmed

22 September 2022

In 2022 alone, weve had our share of new housing ministers with promises to stabilise and expand or improve the market like never before, but just how will the newly appointed housing minister tackle the rising cost of living crisis?

Prime Minister, Liz Truss, had her cabinet reshuffle delayed due to the national mourning period in honour of the late Queen Elizabeth II, however now she has begun to appoint her new cabinet leaders.

Lee Rowley, Conservative MP for Northeast Derbyshire, has been announced as the new housing minister, but what does this mean for the housing market?

Rowley is joined by Simon Clarke, the new Housing Secretary, and the rest of the department for Levelling Up, Housing & Communities.

Politically, Rowley was first elected as the Conservative MP for Northeast Derbyshire in June 2017, spending years in the role, then moving to Parliamentary Under-Secretary of State in the Department for Business, Energy and Industrial Strategy and Government Whip, and a Lord Commissioner of HM Treasury between September 2021 and July 2022.

For many professionals in the housing market, Rowley’s first-hand experience in estate agency puts him in positive stead. During a debate on supporting small businesses and the importance of the high street, Rowley stated that “British businesses are hugely important to our high streets and communities.” And he has “seen it as somebody who had a job on the high street in Chesterfield with an estate agent and who spent his dinner hours stocking a newsagent so that they could continue to trade.”

The announcement of Rowley’s new position comes amid the confirmation of the Stamp Duty cut to assist with movers and “encourage economic growth.”

It was announced on Friday 23rd September that Stamp Duty is to be cut for homes up to £250,000 and up to £425,000 for homes for first-time buyers. 

However, many are speculating that the increasing interest rates and the cut of the Stamp Duty can cause negative long-term effects on the housing market.

The drastic changes within the past month have unsettled many of us but, don’t worry, Wards are here to help. Our agents are here for you to chat about anything you need when looking to buy, sell, rent, or let your home, so why not get in touch today?

Read the debate here