Overview
- Kirstie Allsopp told the Treasury committee that stamp duty should be abolished, arguing it distorts choices and leaves buyers “in a panic.”
- Zoopla said about 40% of first-time buyers using its site would incur the tax, rising to nearly 80% in London, with an average bill of around £16,000.
- The Treasury is reported to be assessing options for reform ahead of the 26 November Budget, including a levy on sales of homes over £500,000 and an annual property tax, with no decision announced.
- Economist Tim Leunig warned that scrapping the tax outright could push prices higher and proposed an annual 0.54% levy on homes above £500,000, with a higher rate for properties over £1 million.
- Market uncertainty is weighing on activity, with housebuilder Taylor Wimpey citing weaker autumn sales as potential buyers hold back before the Budget.