Call for revised stamp duty

22-Feb-2008

The National Association of Estate Agents is urging the government to revise current stamp duty, which will be welcome news for first-time buyers who are finding themselves priced out of the market.

The group has proposed a new stamp duty scale for property that is based on thresholds similar to income tax.

Under the proposed scale, the first £200,000 of a property worth £250,000 would be under the stamp duty limit, which would mean that duty would only be £50,000 at one per cent.

Commenting on the issue, spokesman Stewart Lilly said: "The government needs to be aware that with inflation rising consumers need a helping hand. We would like to see a scale of stamp duty that reflects the house price inflation in recent years. We would also like to see a revision of Capital Gains Tax for buy-to-let investors who are fast becoming the back-bone of the private rental sector."

Recent figures from NAEA revealed that the UK property market is gaining momentum.

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