Majority of homeowners and buyers want to see stamp duty reform

Stamp duty is an outdated tax in need of a reform, a new survey of 1,125 homeowners and homebuyers in England and Northern Ireland has revealed.

Butterfield Mortgages commissioned an independent study which found that 58% want to see an overhaul of stamp duty, calling it “outdated”, while two thirds – 67% – believe the government should come up with a fairer system to tax property transactions or home ownership.

The research revealed that SDLT is preventing almost a quarter of respondents – 23% – from getting onto or moving up the property ladder.

The majority – 70% – of homeowners and buyers in England and NI are in favour of overseas buyers paying a higher SDLT surcharge than the current 2%, while 66% think those buying second homes and investment properties should also have to pay a higher rate, which currently stands at 3%.

Read the full article on Property Industry Eye | FEBRUARY 9, 2022 | MARC DA SILVA