The housing market has suddenly become a major part of the General Election campaign as a result of a challenge thrown by the Conservatives.

Chancellor Jeremy Hunt says he will rule out any change to Stamp Duty, Capital Gains Tax or council tax banding if the Tories win on July 4; he also wants Labour to say whether that party will follow suit.

The Tories’ so-called ‘Family Home Tax Guarantee’ is made up of three parts.

The first is pledging that what Hunt calls “expensive” council tax revaluation will not happen under his watch. The second is that private residence relief, which means that people do not pay CGT on their main home, will remain in place throughout the term of a nw Tory government if it is elected. And the third is that there will be no rise in the rate or level of stamp duty.

Tory sources cited in the Daily Telegraph – where Hunt has written about his challenge – point to Labour in Wales, which is considering revaluing current council tax bands. 

Labour has not responded specifically to Hunt’s challenge, instead saying it would seek to “reduce tax on working people” and accusing the Conservatives of “desperate measures” having raised taxes to their highest levels in 70 years.

This evening housing is expected to be a major issue of discussion during a BBC One 90-minute debate between party representatives.

Shadow Housing Secretary Angela Rayner will represent Labour; other participants are Penny Mordaunt for the Conservatives; Daisy Cooper of the Liberal Democrats; the Scottish National Party’s Stephen Flynn; Green Party co-leader Carla Denyer; Nigel Farage for Reform UK; and Rhun ap Iorwerth of Plaid Cymru.