OECD CALLS FOR STAMP DUTY TO BE ABOLISHED

The OECD has suggested that the stamp duty should be scrapped and replaced with an annual property tax based on asset value. Nicolas Leeming of Zoopla.co.uk thought the abolition would encourage first time buyers into the market, but suggested an increase in the thresholds would provide more incentive for the first-time buyer without affecting everyone.

David Newnes of LSL property services was more critical: “If the government was focused on stimulating the real estate markets, then they need to ensure that “publicly owned lenders start lending to people without large sums of cash in their pockets”.