Property experts reveal their Autumn Budget wishlist
By Nick Wooldridge of Stacks Property Finders
Scrap stamp duty
Nick Wooldridge of Stacks Property Search would like to see the introduction of a sales tax to replace SDLT.
He proposes, “A basic charge linked to the location, type and size of a property, and an uplift related to the increase in value of the property since the last sale, after a zero-rate allowance for incentivising routine maintenance. This tax is to be paid by the vendor.
“As most people aim to move up the housing ladder, it seems iniquitous that the buyer effectively pays tax on the increase in value that the vendor enjoys.”
While it is clear that the industry would welcome any plans, temporary or otherwise, to reduce stamp duty, there are other areas that need to be addressed in order to tackle what some see as an overly complex and costly home-buying system.