Industry heavyweights have added their support to the 1808 Coalition, set up by the National Association of Estate Agents [NAEA] and the Association of Residential Lettings Agents [ARLA] to campaign for the Government to modernise Stamp Duty.

1808 Coalition partners are:

• Association of Mortgage Intermediaries [AMI]
• Association of Residential Lettings Agents [ARLA]
• Building Societies Association [BSA]
• Council of Mortgage Lenders [CML]
• Home Builders Federation [HBF]
• National Association of Estate Agents [NAEA]
• National Landlords Association [NLA]

The current Stamp Duty ‘holiday’ for properties lower than £175,000 is due to expire at the start of 2010 but in a recent survey by the NAEA, 91 per cent of estate agents surveyed felt that it should be extended, 86 per cent of those surveyed felt that the tax is unfair.

Chief Executive of the NAEA, said:

The Coalition believes that Stamp Duty is an anachronistic tax which, in its current form, is preventing a recovery in the housing sector – it limits market flexibility, creates regional inequality and its slab structure unfairly distorts the housing market.  With the Pre Budget Report due soon, now is the time for the Government to take action.

Director of the AMI, said:

It is rare that the breadth of our industry comes together with such consensus on an issue.  But the current Stamp Duty regime is distorting the market to such an extent that we feel compelled to speak out.  The Association of Mortgage Intermediaries is fully committed to supporting this industry campaign to reform the regime.  We implore the Government to not only listen but, to act in support of our request for change to this damaging tax.

Director of Economic Affairs, said:

It is imperative that the first signs of market stabilisation that have emerged in recent months, and which have allowed home builders to begin tentatively opening new sites and expanding output and employment, are nurtured.  The Government’s stimulus measures for housing, including the raised stamp duty threshold, have played a significant part of this stabilisation and it is vital that they are not removed at this stage, either in total or in part.

Chairman, NLA, said:

Stamp Duty Land Tax is a pernicious tax which has failed to keep pace with house price appreciation.  It creates an unbalanced housing market and discourages investment in housing.  Reform is needed now.