Date Published 25 May 2012
The National Association of Estate Agents has called for the Stamp Duty break for first-time buyers to be reinstated.
The NAEA has upped the ante in its campaign for reform of the current Stamp Duty regime after discovering that it netted £5,960m for the Treasury coffers in 2010/11.
This was a 22% increase, up from a take of £4,885m in 2009/10, despite an ailing property market, says the NAEA.
The figures show SDLT receipt rose last year in all regions of the UK, apart from Northern Ireland, at a time when there was almost half the number of property transactions as pre-recession.
The highest increase in the revenue made from Stamp Duty was in the East Midlands, at 33.3% (to £240m) followed by 32% in Scotland (to £330m) and 27.7% in London (to £1,980m).
Wendy Evans-Scott, NAEA president, said: `The Government’s latest figures show it has received a windfall of £1bn on property transactions in the UK, at the same time as thousands of consumers are struggling to afford even the deposit for a home.
`Clearly, the Chancellor can afford to reinstate the first-time buyer holiday and help boost this vital part of the market, instead of taking the 22% increase in income from this unfair tax.
`The fact that SDLT is fluctuating regardless of the movement in the housing market shows it is an outdated tax that needs urgent reform.`