26 Sep

Lender calls for stamp duty tax reform

Lender calls for stamp duty tax reform

Stamp duty on residential purchases remains a barrier for many property buyers, claims a major lender.

Yorkshire Building Society has called for the government to reform the tax so that it is paid by sellers rather than buyers in a bid to help more people step on to the property ladder.

The lender believed it would significantly benefit first-time buyers, saving those at the bottom of the market in the UK an average of £3,791, while London buyers would save £13,171.

Figures show 225,200 first-time buyers paid stamp duty between June 2015 and June 2015 – equal to 75 per cent of all those purchasing their first property.

"More than 200,000 first time buyers paid stamp duty last year and removing this tax burden from them would give the younger generation a major leg up the property ladder," said Andrew McPhillips, chief economist at the Yorkshire Building Society.

He added: "The benefits would not only be felt by those looking to get on the property ladder as anyone moving up it would be better off too. The prime minister has pledged to make intergenerational support a key measure of her government’s housing agenda and this measure could achieve exactly that."ADNFCR-1222-ID-801825767-ADNFCR

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