Agent in call for stamp duty reform
STAMP duty is outdated and counterproductive, according to South Yorkshire estate agents Eaton, Lockwood and Riddle.
The company has called for a complete overhaul of the property tax, which has not been reviewed and updated since 2003.
It says the rates are confusing and are slowing the rate of recovery across the region.
“Stamp Duty is a very real deterrent for many trying to get on the property ladder, upgrade or downsize,” says ELR managing director Chris Thomson.
“It affects just about everyone trying to buy or sell a house. A move to reduce the number of properties subject to the tax, as well as a review of how much stamp duty is paid would have a positive impact.”