Most estate agents in England support Chancellor Rachel Reeves’ rumoured plans to scrap Stamp Duty Land Tax (SDLT) but a large majority would prefer abolition without a replacement tax, according to new research from GetAgent.
The survey found that 66% of agents either strongly or somewhat back proposals to replace SDLT with a levy charged to sellers, compared with just 13% who oppose it.
Almost all respondents (92%) said removing the upfront cost for buyers would encourage more people to enter the market, with nearly half (47%) believing it would have a significant impact.
However, the design of any replacement tax remains contentious. The government is considering a “homeowner levy” charged at the point of sale, with a threshold of £500,000. While nearly half of agents (49%) see this level as appropriate, 44% argue it should be set higher to avoid penalising mainstream sellers.
RADICAL REFORM
There is also strong appetite for more radical reform. Almost four in five agents (79%) believe SDLT should be abolished outright with no replacement, while just 15% favour introducing a different property tax. Only 10% want to retain the current system.
Concerns also persist about the practical impact of shifting the burden to sellers. Some 96% of agents expect homeowners would increase asking prices to cover the new levy, potentially offsetting benefits for buyers.
Even so, 71% believe the overall effect on the market would be positive, against 14% who expect it to be negative.
HOMEOWNERSHIP BARRIER
Colby Short, Co-founder and CEO of GetAgent.co.uk, says: “Stamp duty has long been one of the biggest barriers to homeownership and removing upfront costs for buyers would undoubtedly stimulate demand.
“Less friction within the purchasing process means more sales and, for agents, more commission, so it’s no surprise to see the majority back stamp duty reform in one form or another.”
He adds: “However, our research shows scepticism about simply shifting the burden onto sellers and one potential path forward would be allowing buyers to spread this hefty upfront cost over a number of years post-purchase.
“Whatever may materialise, it’s clear that agents want a system that is fairer, more transparent and does not stifle market activity.”
