The government recently raised the threshold to £120,000, a move which still left the majority of homeowners, especially those in the South, well outside the limit.
The Liberal Democrats meanwhile said they would also increase the level where stamp duty was applied but only to £150,000.
Industry commentators welcomed the Tory announcement. Kevin Paterson, director of the Park Row group, commented: “It is an unfair tax anyway, and it is not even tiered, so when you reach the higher levels you just jump straight from two to three per cent.
“A move like this would certainly help out first-time buyers and help regenerate the market. I think it will prove popular with some voters.”
Thomas Reeh, chief executive officer of The Black and White Group, agreed with Paterson but was cynical over the promise.
“There is a saying that the most lies are told during elections and war. You have to realise that most politicians will say anything to get elected, it is whether they actually carry out those promises that really counts,” he said.
However he agreed that the proposed move would be good for the market. “A £250,000 limit would be much more meaningful,” he said.
Meanwhile the National Association of Estate Agents (NAEA) said the number of first-time homebuyers had doubled in a month as a result of Chancellor Gordon Brown’s raising of stamp duty in the Budget.
NAEA President Richard Hair said the figures were based on properties under offer and did not include figures from lenders, which would not appear for another two months.
