Call for ac­tion to slash stamp duty

Yorkshire Post - Property - - PROPERTY -

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.

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