Data from HM Revenue & Customs shows tax receipts from stamp duty fell a further 5.2 per cent between 2018 and 2019, part of a broad decline in income since late 2016.
The figures have prompted a demand by Jackson-Stops’ chairman Nick Leeming that the government wake up to the fact that the duty is unpopular.
“In order for the UK property market to thrive again and provide the economy with the extra boost it requires, we need the stamp duty pledges Boris Johnson made in his original campaign to be Prime Minister to come to fruition” explains Leeming.
“We’ve already started to see some initial green shoots of recovery in the London market as demand among buyers increases, however ensuring this confidence follows through to sellers to unlock supply of homes is vital.
“Recent research of ours shows that 41 per cent of consumers believe there should be a wholesale reduction in stamp duty across all price brackets, while more than a quarter think government should abolish stamp duty on all homes under £500,000.”
There is growing concern that broad pledges on stamp duty made in the second half of 2019 by politicians - ranging from a wide-ranging call for its reduction to more specific proposals about shifting emphasis from buyer to seller - appear to have fallen away since the General Election.
The only specific manifesto pledge on stamp duty from the victorious Conservatives in last month’s General Election was to introduce a three per cent surcharge for non-residents buying UK residential property for investment purposes.
“It all currently rests on the changes Chancellor Sajid Javid decides to implement in the upcoming Budget” explains Nick Leeming.