Written on 2 December 2014 by Alistair Boscawen in Property News, Sales Market
Survey shows changes to stamp duty tops wish-list for those looking to buy property.
An overhaul of the stamp duty levy is the property reform that home-movers most want to see, according to research.
Over 41,000 people who were looking to buy a new home were asked to choose from a wish-list of policies they’d like to see introduced after next year’s General Election.
Over a third of those asked want to see the brackets changed, while 30% believe stamp duty should be scrapped. And 19% felt it should be dropped for first-time buyers.
The tax has come under fire recently because it pulls even modest homes into the net. Only properties under £125,000 escape the levy, with those up to £250,000 paying 1%. After this and up to £500,000 a 3% levy is demanded; while properties worth between £500,001 and £1m attract a 4% rate. For properties worth more than £1m, 5% must be paid and after £2m 7%.
Chancellor George Osborne is set to deliver his Autumn Statement on Wednesday and bodies such as the Building Societies Association have been pushing for reforms to the levy. The total stamp duty yield from property sales in 2013/14 has increased by 31%, or £4.9bn, in comparison to 2012/13 figures.
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