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Urgent review of stamp duty needed, Family Building Society boss says

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  • 06/03/2020
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Urgent review of stamp duty needed, Family Building Society boss says
Stamp duty is slowing down the housing market, inflating prices and should be overhauled, according to the chief executive of the Family Building Society.

 

Mark Bogard (pictured) has written an open letter to the chancellor Rishi Sunak ahead of next week’s Budget calling for the tax to be reviewed.

He said the levy is contributing to the hardship experienced by younger people when it comes to buying a home.

And stamp duty in its current format also means people are less likely to move to advance their careers, which has a “significant impact” on the economy.

In the letter, Bogard wrote: “Our view is that SDLT should be reviewed urgently and changes made to the rate to encourage downsizing and free up the market.

“The Family Building Society is very willing to assist you and your officials by making our detailed real-world experience available to you.”

He also said the society is “very keen” to hear more about the manifesto commitment of lifetime fixed rate for borrowers and the First Homes discount for first-time buyers.

The chancellor is due to give his first Budget on Wednesday 11 March.

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