Several high profile figures have applauded the Chancellor’s plans to overhaul the property tax system and target wealthier home owners.

The shock news that Chancellor Rachel Reeves (main image) is planning to scrap Stamp Duty and replace it with a property tax paid by sellers has garnered much support within the property industry, which has long said the current levy stops people moving home.

Following the leak on Monday leading industry figures have echoed what many others are thinking about the mooted changes, which would effectively ‘tax the rich’ by scrapping Stamp Duty in favour of a national property tax levied when primary homes valued at over £500,000 are sold. There are also proposals being considered for a local property tax to replace the current council tax system.

Timothy Douglas, Head of Policy and Campaigns at Propertymark says: “Discussions around reforming Stamp Duty are welcome because it is a significant barrier to moving and getting people on the housing ladder.

“What’s key is that any reforms are evidence based and support first time buyers, second steppers and those looking to right size.

“Economic growth can come from reducing the financial burden of Stamp Duty which we know increases the number of transactions, but any changes must work alongside differing property prices and the dynamic nature of our housing markets across the country.”

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