Stamp Duty should be scrapped below £250,000

However she backed Chancellor George Osborne’s efforts to make Stamp Duty more progressive and claimed the reforms will only improve the current market.

Platt said: “We would have liked the reform of the system to go further and have been calling on the government to scrap Stamp Duty for properties under £250,000, which would have a small impact on tax receipts as only 13% of Stamp Duty comes from properties worth less than £250,000.

“The new Stamp Duty system is likely to attract more homebuyers to the market and so for those who are thinking of selling their property, there has never been a better time.

“Equally for buyers, a stable interest rate environment and the availability of a range of attractive mortgage products, means that now is an ideal time to purchase a home.”

She added: “We welcome the government’s decision to implement a progressive and fairer Stamp Duty Land Tax system, enabling more people throughout England and Wales to buy their first home or move up the housing ladder.”

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