Industry leaders push for Stamp Duty reform

A leading estate agency and prominent figures are advocating for longer payment terms on Stamp Duty.

Portals support reform for Stamp Duty payment terms

Andrews Estate Agents is pushing for a change in the Stamp Duty payment structure in the UK, backed by Phil Spencer, Zoopla, and Rightmove. They propose allowing home buyers an extended period of two to five years to pay their Stamp Duty, contrasting with the current requirement to pay within 14 days. This initiative aims to improve housing market accessibility and has already garnered over 1,250 signatures on a petition. David Powell, CEO of Andrews, emphasizes that this reform could significantly boost buyer demand. Other industry leaders stress that the current Stamp Duty regulations hinder home moves and economic growth, with more than 80% of movers now facing Stamp Duty costs.

This campaign highlights a growing concern within the real estate industry regarding affordability challenges for buyers. The backing from well-known figures and organizations signifies a concerted effort to influence government policy. By advocating for longer payment times, these stakeholders aim to stimulate market activity and economic growth. However, implementation of such changes may face opposition from policymakers who prioritize short-term revenue from Stamp Duty. How this initiative evolves will be crucial for potential home buyers and the overall housing market health.

Highlights

The outcome of this initiative could reshape the landscape of home buying in the UK.