New research reveals strong support among estate agents in England for chancellor Rachel Reeves’ proposed reforms to property taxation – including the potential scrapping of stamp duty. However, most agents want to see the tax abolished entirely without introducing a replacement levy.
According to the survey of 536 estate agents carried out by GetAgent, 66% of agents either strongly or somewhat support replacing SDLT with a seller-side tax, as Reeves recently instructed Treasury officials to explore. Just 13% oppose the idea. Proposals under consideration include a value-based levy targeting higher-value properties — akin to a mansion tax — as well as plans to modernise council tax, which currently relies on outdated 1990s property valuations.
But when it comes to what should replace SDLT — if anything — opinion is more divided. While 44% of agents believe any new levy should apply only to higher-value homes, nearly half (49%) said a proposed £500,000 threshold for such a tax was appropriate. Still, a significant 44% argue the threshold should be set higher, to avoid hitting mainstream sellers.
A key concern shared by agents is the potential for unintended consequences. If a seller-side levy were introduced, 96% believe homeowners would likely raise asking prices to offset the added cost — potentially undermining the intended benefits of the reform.
Despite these concerns, the majority of agents believe removing the upfront cost of SDLT would have a positive impact on market activity. An overwhelming 92% said it would encourage more buyers to enter the market, with 47% expecting a significant boost to demand.
The research also highlights a strong appetite for more radical change:
79% of agents favour abolishing stamp duty entirely without introducing a replacement
Just 15% support replacing SDLT with a different property tax
Only 10% think the current system should remain unchanged
Overall, while the industry welcomes reform, the message from estate agents is clear: any new system must be carefully designed to avoid penalising everyday homeowners and to ensure that it delivers real benefits for the market.
Colby Short, co-founder and CEO of GetAgent, commented: “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.
“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.”
Abolishing stamp duty ‘would create a very different market landscape for agents’
Read the orginal article: https://propertyindustryeye.com/estate-agents-support-stamp-duty-reform-urge-abolition-without-replacement/
