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Stamp duty not "fit for purpose": Rics

Residential stamp duty is "no longer fit for purpose", the Royal Institution of Chartered Surveyors (Rics) warned this morning (1 July).
The institution claimed the current stamp duty system presented major problems for those looking to purchase property, and in a climate of falling and stagnant house prices the current fixed percentage payment is too regimented.
Rics has urged the government to address the issue following a 40 per cent reduction in the number of property transactions taking place and the detrimental effect this could have on the economy as a whole.
Rics suggested replacing the current rate with a two tier marginal system, which it claimed would be fairer, overall as well as ensuring less distortion in the property market.
The institution also suggested special dispensation for first-time buyers and those wishing to downsize later in life.
This sentiment has been endorsed by the Association of Home Information Pack Providers (Ahipp).
Mike Ockenden, director general of Ahipp, yesterday (30 June) called for a suspension of stamp duty to ensure property remains affordable in the current environment.

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