Rightmove seeks agent views on stamp duty reform to take to government
The UK’s largest property platform Rightmove is calling for agent views on how reforms to the stamp duty system could work best in England.
It follows rumours the government is considering changes to the way the tax works in England in the forthcoming Autumn Budget. One rumoured proposal would see the current system replaced by a national annual property tax for sellers of homes valued over £500,000.
Rightmove wants to hear directly from agents about their thoughts on how agents as the experts think that the stamp duty system could be changed for the better, for Rightmove to present findings to government.
Rightmove has frequently called for changes to the way the stamp duty system works, to reduce the barrier to movement.
Improvements to the system previously called for include a raising of the zero-rate thresholds permanently in-line with house price growth, and the option for buyers to delay and stagger stamp duty payments.
Rightmove has raised concerns about how the rumoured government changes to stamp duty payments would work in practice given the lack of detail.
While there are some potential benefits to first-time buyers who would no longer face the tax, there is a risk of distorting the market around the £500,000 price point. Much more consideration is also needed to avoid deterring those in higher value or larger homes from moving if the tax is only implemented at the point of a sale.
Ahead of the Autumn Budget, Rightmove will share the views of agents alongside the opinions and thoughts of home-movers with the government.
Colleen Babcock, Rightmove’s property expert says: “We’ve been calling for stamp duty reform for some time now, as it’s a significant barrier for many people moving home. We hope to see considered improvements in the way the system works in the upcoming Budget and will be sharing the views of both expert agents and home-movers with the government.”
Current average stamp duty charges by region
| Region | Average asking price | Stamp duty paid by a home-mover based on average asking price | Stamp duty paid by a first-time buyer based on average asking price |
| East Midlands | £289,928 | £4,497 | £0 |
| East of England | £420,254 | £11,013 | £6,013 |
| London | £685,497 | £24,275 | £24,275 |
| North East | £194,822 | £1,397 | £0 |
| North West | £267,902 | £3,396 | £0 |
| South East | £479,992 | £14,000 | £9,000 |
| South West | £380,392 | £9,020 | £4,020 |
| West Midlands | £295,474 | £4,774 | £0 |
| Yorkshire and the Humber | £255,830 | £2,792 | £0 |
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