Stamp Duty rates should reflect current conditions, claim

Stamp Duty should reflect the current market conditions, an agency boss claims.

Speaking exclusively to Estate Agent Today,  Michael Polzler, chief executive of RE/MAX Europe, outlined support he would like to see for the property market.

He said: “Consumers are concerned about tighter budgets and a scarcity of suitable properties on the market. Affordability will be an ongoing challenge; however, there is much more that can be done to stimulate movement in the market.

"While house prices in the UK have experienced minimal growth or even slight decreases in some regions, wages have seen significant nominal increases. 

“Iff this trend continues, it may mean that homebuyers find some properties more affordable. Nevertheless, the government can do more than wait and hope for macroeconomic forces to reinvigorate the market.

“Stamp Duty should be carefully reconsidered. It was raised to its current rates to cool down an overheating market; now that conditions have changed, we hope these measures will be reversed. The current higher rate is 12%, whereas about 10 years ago, it was 5%.”

He said RE/MAX Europe’s main priority is to develop “excellent real estate professionals.”

Polzler added: “We aim to nurture relationships, understand, and meet the complex needs of buyers and sellers. Our role is to energise the market and transition it from a static landscape into a space of opportunity, keeping people at the forefront.”

It comes as international research among more than 20,000 consumers across Europe by the agency franchise brand found around 30% have expressed concerns about future moves, fearing they won't find affordable housing within their budget. 

Around two-thirds of Europeans said they would consider co-owning a property with a group of unrelated people, such as friends, colleagues, or even strangers to bring down the costs.

Polzler said: “Europe's evolving real estate landscape showcases the resilience and adaptability of its people and property market. Amidst the complexities of affordability, Europeans are moving towards fresh models of property ownership and communal living. This isn't just about adapting to challenges; it's about reshaping how and where we live.”