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RICS Wants Stamp Duty Changes To Aid Property Market

  17 Oct 2018

With many people unhappy about the current state of the UK property market, there are growing calls for changes to be made. Not every body that calls for change will receive the same media attention but given the presence of RICS, it is likely that their comments and remarks about the property market situation will be heard and backed by several quarters.

RICS believe that housing taxes are “outdated” and that there is a need for reform in the market to help stimulate movement. The organisation has focused on stamp duty and how this can be evolved to make it easier for elderly people to downsize and for younger people to step on to the property ladder.

This finding came after the most recent monthly house price survey released by RICS where they highlighted the difficulties faced by many first-time buyers. In the survey, close to 50% of estate agency surveyors stated a belief that tax incentives should be used to encourage downsizing. One response stated that people who sell a larger home and move into a smaller property should be made exempt from making a stamp duty payment for that purchase.

There was also a call for stamp duty to be scrapped entirely with a revamped Council Tax model making up for the lost revenue that would occur after the removal of stamp duty. It is believed that removing this tax burden from the purchase stage could make life easier for many prospective buyers. There is a lot of money to be found at the point of purchase when buying a home.

Even though the largest amount of money relates to the deposit that is required to buy a home, removing the need to pay stamp duty could provide more freedom for the buyer.

The Policy Manager at RICS, Abdul Choudhury has called on the Government to carry out a full-scale review of stamp duty and determine if it is the best solution for the market. With the Help To Buy scheme being hotly debated at this point, there is no doubt that many people are keen to see a change in the UK property market, but there is no clarity or likelihood of agreement on what will take the country forward.

If you want to stay in touch with the latest property market news, or you need help in knowing what to do next, contact Jezzards on 03330 433 633 and we will be more than happy to assist you.


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