The boss of a big estate agency is calling on Rachel Reeves to scrap Stamp Duty ahead of her budget tomorrow, labelling it one of home movers’ “biggest upfront hurdles”.
Verona Frankish (pictured), CEO of Yopa, says: “Stamp Duty is an outdated tax that should have been abolished long ago. It creates an unnecessary financial barrier for buyers who are already spending years saving for a deposit, and at a time when affordability is so stretched, it makes little sense to penalise people further for simply wanting to own a home.
She adds that what the market needs is full, permanent reform – not another temporary Stamp Duty holiday.
Abolishing Stamp Duty altogether would remove one of the biggest upfront hurdles facing movers.”
“We’ve seen repeatedly that short-term relief only triggers a surge in demand that pushes prices higher, making it even harder for future buyers to get on the ladder.
“Abolishing Stamp Duty altogether would remove one of the biggest upfront hurdles facing movers, support long-term market stability, and avoid artificially inflating prices in the process.
And she concludes that: “If the Chancellor genuinely wants to improve affordability, meaningful Stamp Duty reform must come first rather than another sticking-plaster solution.”
Many agree with her
Damien Jefferies, Founder, Jefferies London Prime Real Estate
And she is not alone in her views, many in the property industry agree, with Damien Jefferies, Founder of Jefferies London, saying that the tax is one of the biggest structural barriers to housing market mobility and that it is: “Slowing transactions at every price level and adding significant friction to the process of moving home.
And he adds that: “Reforming or removing Stamp Duty would not only help unlock movement across the national market, it would also deliver a much-needed boost to a fatigued prime London sector that has been under sustained pressure for several years.”
