Helen Griffin-Booth, director at Liverpool-based sales, lettings and investment agency Bluerow Homes is urging Phillip Hammond to scrap stamp duty to help first-time buyers get on the property ladder.
In England, homebuyers have to pay stamp duty on a residential property that costs more than £125,000.
The purchase of the average home in England – worth £226,000 – would incur a stamp duty bill of £2,000.
Helen Griffin-Booth, director at sales, lettings and investment agency Bluerow Homes is urging Phillip Hammond to scrap stamp duty in the upcoming Budget on 22 November.
Helen says: “The number of homeowners under the age of 45 in England has dropped dramatically since 2010. Many young people feel locked out of the housing market due to sky-high costs, with stamp duty being a key contributor to this. Stamp duty land tax can add thousands on to the cost of buying a home and makes many people reluctant to move.
“Scrapping or even going some way to reduce stamp duty would help aspiring first-time buyers address one of the biggest obstacles to entering the market – raising a deposit.
“Stamp duty has a knock on effect for the housing market as a whole, not just for first-time buyers. Growing families who wish to move also have to pay the levy, so in turn this prevents people from moving up the property ladder and slows down mobility at all levels.
“Although stamp duty is a cash cow for the government, netting almost £12 billion in the 2016/17 tax year, I hope the government see this as an opportunity to address not only the housing crisis but the wider economy in general.
“Addressing stamp duty would give the housing market a new lease of life and provide meaningful help to young people and families.”