A leading estate agency group has called on the Chancellor to enable buyers to pay their Stamp Duty bills in instalments rather than in one go to ‘create a more stable operating environment for our industry’.

Andrews Property Group, which has a network of some 50 eponymous branches across the UK, has launched a parliamentary petition to press home its point, calling for flexible Stamp Duty Land Tax (SDLT) payment options, allowing buyers to spread costs over 2-5 years rather than the current 14-day deadline after completion.

“We believe this flexible payment approach offers a sustainable, long-term solution that benefits buyers, maintains Government revenue, and creates a more stable operating environment for our industry,” says its CEO David Powell.

Powell claims the requirement to pay SDLT within 14 days of completion creates affordability barriers for first-time buyers and homeowners and that buyers often have to save extra funds, on top of deposits, or increase mortgage borrowing, reducing their purchasing power.

Significant barrier

The costs facing buyers are now significant, he points out. Typical home movers face stamp duty bills of £4,300 rising to £18,350 in London, while first-time buyers there pay £9,050 on the capital’s average property selling for £481,000.

“Combined with substantial deposit requirements, legal fees and moving costs, buyers must find significant additional cash to pay the SDLT bill within 14 days of completion,” he adds.

4Andrews is calling for the industry to back its campaign and get the petition to 100,000 signatures after which a parliamentary date will be triggered. Thus far 520 have signed.

Agents can sign the petition here.