Property groups call for stamp duty reform
Date posted: 16 Oct 2009
A new group has been launched to try and put pressure on the government to reform the stamp duty tax faced by property buyers.
Formed by the National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents, the 1808 Coalition hopes to encourage ministers to review the current stamp duty tax and look at ways it can be amended.
NAEA chief executive Peter Bolton-King believes that stamp duty often poses a barrier to people looking to gain a foothold on the UK''s property ladder.
A new group has been launched to try and put pressure on the government to reform the stamp duty tax faced by property buyers.
Formed by the National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents, the 1808 Coalition hopes to encourage ministers to review the current stamp duty tax and look at ways it can be amended.
NAEA chief executive Peter Bolton-King believes that stamp duty often poses a barrier to people looking to gain a foothold on the UK''s property ladder.
He said: "Stamp duty has failed to evolve and is an unwelcome burden for anyone seeking to buy a new home.
"As lenders demand even greater deposits, buyers are going to struggle to stump up the huge capital outlay that stamp duty demands."
The NAEA suggested earlier this month that stamp duty and the impact of the recession may be putting off some people from wanting to own their own home.
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