Overview
- Kirstie Allsopp told the Treasury Committee that people are “in a panic” over potential changes and are delaying moves, calling for stamp duty to be abolished.
- Zoopla’s Richard Donnell said around 40% of first‑time buyers nationwide—and nearly 80% in London—would face the tax, with an average bill of about £16,000, which he said weighs heavily on the South East.
- Economist Tim Leunig warned that simply scrapping stamp duty could push up prices and proposed an annual levy on higher‑value homes, citing a model of roughly 0.54% for properties over £500,000.
- Reporting indicates the Treasury is considering alternatives such as a proportional property tax or a charge tied to sales of homes over £500,000, though no decisions have been announced.
- Market effects are already visible, with Taylor Wimpey pointing to weaker autumn sales linked to pre‑Budget uncertainty and witnesses noting fewer moves mean less spending on home goods and improvements.