Rightmove has invited estate agents across England to share their views on how to reform Stamp Duty, as speculation grows that the Government is preparing to make changes in its forthcoming Autumn Budget.

Reports suggest one option under consideration is replacing the current Stamp Duty framework with an annual property tax for sellers of homes valued over £500,000, but Rightmove says it wants to ensure that agents’ expertise helps shape any proposals put forward to ministers.

barrier to home moves

The portal has long argued that the existing system creates a barrier to home moves and has previously called for reforms such as permanently raising the zero-rate threshold in line with house price growth and giving buyers the option to stagger payments over time.

Rightmove has also voiced concern that the suggested new structure could distort the market around the £500,000 price point and discourage owners of higher-value homes from selling if the tax applies only at the point of sale.

Colleen Babcock (pictured), property expert at Rightmove, said: “We’ve been calling for Stamp Duty reform for some time now, as it’s a significant barrier for many people moving home.

We hope to see considered improvements in the way the system works in the upcoming Budget and will be sharing the views of both expert agents and home-movers with the Government.”

“We hope to see considered improvements in the way the system works in the upcoming Budget and will be sharing the views of both expert agents and home-movers with the Government.”

Agents can submit their views via Rightmove’s online hub, where their feedback will be compiled and presented to the Treasury alongside insights from home-movers ahead of the Budget.

Rightmove’s data shows that the current average Stamp Duty charges vary widely by region. A home-mover in London typically pays around £24,000 in Stamp Duty based on an average asking price of £685,000, while in the South East, the figure is around £14,000 and £9,000 in the South West.

However, average Stamp Duty bills are just under £4,500 in the East Midlands and under £3,000 in Yorkshire and the Humber, with first-time buyers in most northern regions paying no Stamp Duty at all.

If you want to share your thoughts on Stamp Duty with Rightmove, you can do it here.