Experts are calling for the stamp duty tax to be revised. They are claiming that the tax should be in line with house price inflation. A spokesperson for LMS, a conveyancing firm, believes that the government should increase the number of bandings on property and only charge for the additional equity in a property. He also believes that first time buyers should be exempt from the tax.
At the other end of the scale, people are applying for planning permission to extend their homes, rather than have the burden of moving house. However, figures from the Council of Mortgage Lenders show that the property market is just a buoyant.
Our view
If people think taxes are likely to fall or think that the Government won't at least try and keep the lid on property prices going even higher given inflation by keeping stamp duty, they are on the wrong planet.