Stamp duty 'should be limited'
The stamp duty holiday has cost the government £201 million in lost revenue in its first 12 months, new research has revealed.
In light of the findings, FindaProperty.com has argued that the limit should be increased to £250,000 from the current level of £175,000.
However, Ed Mead, director at Douglas & Gordon, has disagreed, stating that stamp duty is a "retrograde step" and a "major impediment" to moving house.
He recommended that the tax be limited to one per cent of a property's value as the current combination of home information packs and stamp duty are a "major negative" to movers.
Due to this, first-time buyers may continue to find that flats to rent in Wandsworth or another borough of London is more affordable than choosing to buy.
"The threshold should be £250,000 and it should be one per cent. That's it. That is more than reasonable," Mr Mead stated.
Written by Charles Mackay
Published 15th October, 2009
© 2009 Estates IT Limited
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Stamp duty is a very "retrograde step" and should be limited to one per cent of a property's value, one sector commentator has claimed.