Stamp duty regime 'must be reviewed'
Another mortgage group has joined a growing coalition urging the government to review the current stamp duty regime.
The Association of Mortgage Intermediaries (AMI) has claimed that a "major reform" is required, with the current stamp duty holiday on properties priced under £175,000 set to end imminently.
This may mean that people will find flats to rent in Fulham or another area of London are significantly more affordable than similar-sized homes in the area for sale.
And this could be particularly true as house and flat prices in London are typically much higher than elsewhere in the UK.
Robert Sinclair, AMI director, said: "The current stamp duty regime is distorting the market to such an extent that we feel compelled to speak out [...] we implore the government to not only listen but to act in support of our request for change to this damaging tax."
Peter Bolton-King, chief executive of the National Association of Estates Agents, recently likened the duty to an "anachronistic tax".
Written by Charles Mackay
Published 17th November, 2009
© 2009 Estates IT Limited
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The Association of Mortgage Intermediaries has called for a fundamental review of the current stamp duty regime.