Arla leading calls for stamp duty reform
Letting agents organisation Arla has joined forces with the National Association of Estate Agents (NAEA) to call for a reform of stamp duty.
The pair are leading a coalition of property-related organisations, including the Council of Mortgage Lenders and the Home Builders Federation, in asking the government to review the “anachronistic” tax.
Speaking to the Press Association, NAEA chief executive Peter Bolton-King said: “It limits market flexibility, creates regional inequality and its slab structure unfairly distorts the housing market.”
The coalition wants to see the level at which the tax is introduced go up in line with inflation each year, as well as an immediate increase on its current £175,000 threshold.
At the moment, stamp duty is charged at one per cent of the purchase price on properties costing between £175,000 and £250,000, with houses worth up to £500,000 charged stamp duty of three per cent.
Earlier this month, research agency BRDC revealed that around 25 per cent of landlords are either making a loss or just breaking even.