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Potential new stamp duty rules have sparked fury and concern among property specialists. They have spoken out after Conservative Party leader Kemi Badenoch’s announcement to abolish stamp duty entirely. Michelle Lawson, director at Fareham-based Lawson Financial, said: "As with everything the devil is in the detail. It raises more questions and problems than it solves." Stephen Perkins, managing director at Norwich-based Yellow Brick Mortgages, said: "Of course scrapping stamp duty will be hugely welcome and positively received, but the detail is what will be brought in to replace it?" READ MORE Mortgage warning for UK households as they risk being 'squeezed' Lucian Cook, head of residential research at Savills, said: "If, and this is a big if, it is a simple tax giveaway, the likelihood is that the current stamp duty bill simply passes through into house prices." He said: "Given the way stamp duty works, this would be unevenly distributed across the country’s housing stock with a much greater impact on high value homes, meaning London and the South East would benefit most." Stuart Cheetham, chief executive of MPowered Mortgages, said: "In 2023 to 2024, people buying homes paid £8.6billion of stamp duty straight into Government coffers — and the figure is likely to have been even higher in the latest tax year." Rohit Kohli, director at Romsey-based The Mortgage Stop, said: "When you're in opposition and unlikely to win power, you can promise whatever you like because you know you won't have to deliver it." He added: "Getting rid of the tax won't suddenly make buying easier. It'll just push prices up further without tackling supply." Mr Perkins said: "The Government cannot afford to lose that revenue, so surely it will just be paid through some other part of the transaction." Justin Moy, managing director at EHF Mortgages, said: "Stamp duty is singlehandedly slowing the property market to a crawl, so this significant pledge by Conservatives will be welcomed not only by those looking to buy, but the industry as a whole." A spokesperson for the HomeOwners Alliance said: "We strongly support the Conservative Party Leader’s call to abolish stamp duty. Our research shows over 800,000 homeowners have shelved moving plans in the past two years, and stamp duty is a major barrier."
