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NAEA calls for FTB Stamp Duty break to be reinstated

The National Association of Estate Agents has called for the Stamp Duty break for first-time buyers to be reinstated.

The NAEA has upped the ante in its campaign for reform of the current Stamp Duty regime after discovering that it netted £5,960m for the Treasury coffers in 2010/11.

This was a 22% increase, up from a take of £4,885m in 2009/10, despite an ailing property market, says the NAEA.

The figures show SDLT receipt rose last year in all regions of the UK, apart from Northern Ireland, at a time when there was almost half the number of property transactions as pre-recession.

The highest increase in the revenue made from Stamp Duty was in the East Midlands, at 33.3% (to £240m) followed by 32% in Scotland (to £330m) and 27.7% in London (to £1,980m).

Wendy Evans-Scott, NAEA president, said: “The Government’s latest figures show it has received a windfall of £1bn on property transactions in the UK, at the same time as thousands of consumers are struggling to afford even the deposit for a home.

“Clearly, the Chancellor can afford to reinstate the first-time buyer holiday and help boost this vital part of the market, instead of taking the 22% increase in income from this unfair tax.

“The fact that SDLT is fluctuating regardless of the movement in the housing market shows it is an outdated tax that needs urgent reform.”

Source EAToday 25 May 2012