Call for action to slash stamp duty
STAMP duty is strangling the housing market, according to lobbying group the Homeowners Alliance.
It is calling for buy-to-let investors to pay more, allowing stamp duty rates to be slashed for those buying a main residence.
Its report, Stamping on Aspiration: The Real Cost of Stamp Duty, says the tax is a barrier for first-time buyers and second steppers.
The report adds that stamp duty has risen 7.1 times faster than inflation, 6.5 times faster than average earnings and 4.6 times faster than house prices since 1995.
The average bill is now the equivalent of 11 weeks average earnings, while in 1995 it was the equivalent of eight days earnings.