Property News > Stamp duty should be scrapped permanently under £500,000, say over half of conveyancers

Stamp duty should be scrapped permanently under £500,000, say over half of conveyancers

Some 51% of conveyancers believe all purchases under £500,000 should be exempt from stamp duty long-term, according to a snap poll run by Index West Midlands.

While this is the marginal majority view, almost 24% argue in favour of value banding rates, and believe that the normal rules should resume once the stamp duty holiday period expires. 

However, many would also prefer to see stamp duty reintroduced gradually rather than an instant return. Indeed, a phased reintroduction over a two-year period was supported by 14.5%, while 10.5% believe a shorter 12-month reintroduction timescale would be the best way forward. 

Kate Bould, managing director of Index West Midlands, said: “It’s a relief that the House of Commons is set to debate extending the SDLT holiday.

“The future of the property sector and economy depends on it, and our poll confirms that the majority of professionals working in it are against an overnight return to the Stamp Duty tax rates, believing that it should either be scrapped altogether or be given a phased return.

“Without a fresh approach to Stamp Duty, the property purchases and sales will slow down and eventually stall, which will be catastrophic for the property sector and the wider economy.”

An extension to the current stamp duty holiday is supported by some 56% of conveyancers, and this was also found to be the most popular choice when it comes to advocating change in the industry in 2021. 

Meanwhile, there is also a strong appetite for more digitisation across the sector, supported by 24%, while 20% want property exchanges and completions to be possible on Saturdays.

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