Rightmove has launched a call to arms for agents to have their say on how stamp duty reform should work as rumours grow that the Chancellor is weighing up a radical shake-up of the tax in next week’s Autumn Budget.
The UK’s largest property portal wants to gather views from agents across England on how the stamp duty system could be improved, with plans to take those insights directly to government.
It follows mounting speculation that ministers are considering replacing the current one-off purchase tax with an annual property levy on homes sold for more than £500,000 – a move that could have major consequences for transaction volumes, pricing and liquidity across the market.
Rightmove, which has long argued that stamp duty is a key barrier to movement, says reform must make it easier for people to move up and down the housing ladder rather than harder.
STAMP DUTY REFORM
Previous proposals from the portal have included permanently raising the zero-rate threshold in line with house price growth and giving buyers the option to delay or stagger payments over time.
While some analysts suggest the mooted changes could help first-time buyers, others warn they could distort the market around the £500,000 price point and deter older homeowners from downsizing if new levies bite only on sale.
INDUSTRY FEEDBACK
Agents are being urged to share their views directly with Rightmove via its online hub, which will collate feedback from both industry professionals and home-movers ahead of the Budget.
Colleen Babcock, Rightmove’s Property Expert, says: “We’ve been calling for stamp duty reform for some time now, as it’s a significant barrier for many people moving home.
“We hope to see considered improvements in the way the system works in the upcoming Budget and will be sharing the views of both expert agents and home-movers with the government.”
Agents can contribute to Rightmove’s consultation HERE.
