Rightmove is calling on estate agents across England to share their views on how reforms to the stamp duty system could work best.
The appeal follows reports that the government is considering changes to the way the tax operates in England as part of the forthcoming Autumn Budget. Among the proposals rumoured to be under discussion is a potential shift to a national annual property tax, levied on sellers of homes valued above £500,000.
The property portal says it wants to hear directly from agents about how, in their expert view, the stamp duty system could be improved. The portal plans to compile and present the industry’s feedback to government policymakers.
The company has long argued that the current stamp duty system acts as a barrier to movement within the housing market. It has previously called for reforms including a permanent increase to the zero-rate thresholds in line with house price growth, and greater flexibility for buyers to defer or stagger stamp duty payments.
Rightmove has also raised concerns about how the government’s rumoured new model might work in practice, warning that more detail is needed before such a system could be implemented.
While the proposed changes could benefit first-time buyers by removing the upfront tax burden, Rightmove cautions that they risk distorting the market around the £500,000 price point. It also warns that taxing sellers could deter homeowners in higher-value or larger properties from moving, potentially further reducing market mobility.
Agents can share their views on stamp duty with Rightmove here.
Ahead of the Autumn Budget, Rightmove will share the views of agents alongside the opinions and thoughts of home-movers with the government.
Rightmove’s Colleen Babcock said: “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.”
Current average stamp duty charges by region
| Region | Average asking price | Stamp duty paid by a home-mover based on average asking price | Stamp duty paid by a first-time buyer based on average asking price |
| East Midlands | £289,928 | £4,497 | £0 |
| East of England | £420,254 | £11,013 | £6,013 |
| London | £685,497 | £24,275 | £24,275 |
| North East | £194,822 | £1,397 | £0 |
| North West | £267,902 | £3,396 | £0 |
| South East | £479,992 | £14,000 | £9,000 |
| South West | £380,392 | £9,020 | £4,020 |
| West Midlands | £295,474 | £4,774 | £0 |
| Yorkshire and the Humber | £255,830 | £2,792 | £0 |
Abolishing stamp duty isn’t just desirable – it’s an economic necessity
Read the orginal article: https://propertyindustryeye.com/rightmove-urges-agents-to-share-ideas-on-stamp-duty-reform/?utm_source=rss&utm_medium=rss&utm_campaign=rightmove-urges-agents-to-share-ideas-on-stamp-duty-reform
