Chancellor of the Exchequer\u00a0Philip Hammond is being urged to make further amends to stamp duty in his forthcoming Budget to boost the housing market.<\/b><\/p>\n
The 2017 Budget<\/a> saw the abolition of stamp duty for all first-time buyers of homes worth up to \u00a3300,000, with the aim of helping people get a deposit together and putting more young people on the housing ladder. First-time buyers also pay only 5% on the value of homes worth between \u00a3300,000-\u00a3500,000, to take the London market into account.<\/p>\n Mr Hammond is currently putting the finishing touches on his announcement on 29 October and he has been encouraged by David Westgate, the chief executive of Andrews Property Group<\/a>, which has 56 branches around the country, to alter stamp duty again.<\/p>\n \u201cWhilst I\u2019d love to think that a flat rate of Stamp Duty, levelled at 1% could be a viable alternative to the current system, the reality is that the sums simply wouldn\u2019t add up,\u201d says Westgate.<\/p>\n \u201cHowever, a reconsideration of the boundaries at which stamp duty comes in to play could be made. Increasing each banding by \u00a3100k, could have a positive effect across the board and stimulate movement in the market. A reduction of just 1% on the charges that impact on current boundaries, meanwhile, could have a lesser but nonetheless still positive effect too.\u201d<\/p>\n The rates of SDLT are as follows:<\/em><\/p>\nBanding stamp duty proposed<\/h4>\n