An overhaul of “outdated” property taxes could give the
housing market a boost, surveyors have said. The Royal Institution of Chartered
Surveyors (RICS) argued a housing tax overhaul, including ending stamp duty on
certain properties, could re-balance the market and reignite activity. It said
the Government should look at what changes are needed to create a more vibrant
property sector with a full-scale review of the stamp duty system - and “stamp
out outdated housing taxes to help young people buy their own homes”. RICS said
nearly half of professionals responding to its residential market survey feel a
change in the tax system is needed to improve the situation for younger buyers
in purchasing a home.
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