Mortgages  

Calls for government to reform stamp duty

Research from Rightmove has revealed that stamp duty reform is top of people’s list of demands, with the vast majority wanting changes to prices brackets or the policy completely scrapped in next year’s general election.

Some 35 per cent of people say they would like the government to change the price brackets for stamp duty bands, 30 per cent would like to see stamp duty completely scrapped and 19 per cent want stamp duty for first-time buyers to be abolished.

Around 33 per cent think the Help to Buy scheme should be extended.

The data was taken from responses completed via an online questionnaire in October, with a total of 41,146 responses received.

Elsewhere, 31 per cent of people would like a mansion tax on homes worth over £2m to be introduced, while plans to build more homes and new towns came further down the list.

The findings also showed that only 6 per cent of people looking to move in the next 12 months thought the upcoming election has had an impact on their home-moving decisions.

Miles Shipside, Rightmove director and housing market analyst, said: “It’s understandable that home-movers want the policies that will help them in their current situations, whether they’re a first-time buyer with a smaller deposit wanting to use the Help to Buy scheme to get a step on the ladder, or a second-stepper worried about stamp duty bands.

“While these policies could temporarily help more home-movers, it’s the house-building programmes that really need to be ramped up so that there are more affordable homes for people to buy in areas of high demand.

He added that rather than waiting to see what happens at the general election, instead people are deciding if it’s the right time in their life and if they have the finances they need to move.

ruth.gillbe@ft.com