Stamp duty land tax “bonanza” over: Family Building Society

The Family Building Society chief executive Mark Bogard has declared the stamp duty land tax bonanza is over in a report carried out in conjunction with the London School of Economics.

His comment comes after figures recently published by HMRC showed that housing transactions were at near historic lows, which has led to stamp duty land tax takings being 13 per cent lower year-on-year. The LSE duly analysed these figures to see what impact this trend is having on the housing market and if stamp duty land tax is still suitable in its current form.

The report concludes that reform is necessary. LSE Emeritus professor of housing economics Christine Whitehead says: “On the face of it the stamp duty land tax statistics look relatively buoyant – but the underlying trend… is quite clearly downward. Moreover, the low level of transactions by existing owner-occupiers is a disaster for our hopes of a well operating housing market.”

Bogard comments: “We need an urgent re-think on housing policy. The market is gummed up and SDLT is a big reason.”

“At the moment, lack of a good stock of available housing is a massive disincentive to labour and social mobility… government ‘sticking plaster’ solutions to help first time buyers are not a long-term answer. The over 50s need to be encouraged to move and free up property for growing families. Changes to the transaction tax will need a new mindset from all parties – political and home owners.

“One thing is certain, and the analysis of these latest figures carried out by the LSE is clear: the housing market needs to be re-invigorated if our housing system is to work more effectively. It is time for a courageous strategic change in our approach to taxing property.”



Stamp duty cut saves first-time buyers £284m to date: HMRC

More than 120,000 first-time buyers have avoided paying stamp duty on their homes since new government rules were introduced. Official government statistics covering the period until 30 June found that £284m has been saved in would-be stamp duty payments so far by 121,500 FTBs since the government announced it would cut stamp duty for FTBs […]


Government urged to cut stamp duty for downsizers to boost housing supply

 The Treasury is being urged to extend its stamp duty cuts to those downsizing, in a bid to boost supply in the housing market.  This call comes as the latest housing index shows demand from buyers has risen significantly over the past 12 months.  Haart’s housing market monitor found that the number of buyers registering […]

Housing transactions flat in June: HMRC

The latest housing data from HM Revenue & Customs shows that residential transactions in the UK stood at 96,340 in June, a seasonally adjusted monthly fall of 3.0 per cent. This compares to 102,180 transactions made in June last year – a 5.7 per cent drop. The historical data paints a flat picture, with seasonally […]

piggy, cash, money

Reassuringly focused on claims

By Ross Jackson, senior protection marketing manager We’re sure you’ll have heard your customers say ‘But insurance companies don’t pay claims’ when giving a reason for not wanting to take out protection. In fact, our State of the Protection Nation research showed that 27 per cent of consumers asked didn’t think protection providers paid out […]


News and expert analysis straight to your inbox

Sign up