Imagine there’s no stamp duty - It’s easy if you try…

A third of owners would consider moving more regularly if the stamp duty holiday on the first £500,000 of a purchase became permanent.

This would equate to an additional 350,000 housing transactions per year.

Opinium and Jackson-Stops estate agency surveyed 1,837 consumers in England, Wales, and Northern Ireland. The results revealed that Britons overwhelmingly believe the tax is hindering their ability to move more often, with 61 per cent supporting an overall reduction in stamp duty across all price brackets. 

The current stamp duty holiday has made 18 to 34-year-olds more likely to buy a home – 20 per cent say that they are either currently looking or agree that they are likely to buy a home before the stamp duty holiday ends. 

And 44 per cent of this age group also agree that they would consider moving home more frequently if the holiday were made permanent.

The prospect of making the SDLT holiday permanent is less appealing to older Britons. Some 61 per cent of those aged 55 and above say a permanent SDLT holiday would not make them more likely to consider a move. 

This group was also the least likely to agree that sellers should be made liable to pay stamp duty instead of the people buying (35 per cent against the national average of 31 per cent).

Nick Leeming, chairman of Jackson-Stops, says: “Over the last 10 months we have seen how successfully the SDLT holiday has supported the housing market, creating a level of demand that we haven’t seen for a decade.  

“On the other hand, this research demonstrates the how SDLT can stifle transactions, significantly reducing the market’s full potential and limiting the economic opportunities that arise out of a thriving property sector. 

“Permanent reform of property taxation and regulation, including SDLT, could help the market translate this momentum into sustained, long-term success, while better supporting the aspirations of buyers and vendors, and giving businesses across the UK the opportunity to recover and grow. 

“For example, were the current holiday made permanent, the evidence suggests that this would support demand, increase supply, boost transaction numbers and increase the number of stamp duty receipts overall, at the same time as providing key financial relief to first time buyers who are so crucial in supporting entire chains across the country. 

“Furthermore, increased house buying would ensure additional use of conveyancing services, surveyors, removal firms, and homewares retailers, all of which would contribute significant amounts to the economy every month.”