Stamp duty ‘should be raised to £250,000’

The chancellor has been called upon by a financial institution to increase the limit on stamp duty, a move that may be welcomed by those looking to remortgage.

Nationwide Building Society has argued that the housing sector could be supported in tomorrow’s (April 22nd) Budget announcement by the stamp duty threshold being raised to £250,000.

This will boost activity in the property market and provide aid to borrowers, the organisation said.

Graham Beale, chief executive of the building society, noted that it may “reduce the burden that stamp duty places on first-time buyers in particular”.

“The time is now right for reform,” he stated, adding that introducing changes in the current circumstances is an appropriate plan, as it will have a lower effect on tax revenues than when the market was at its peak.

Meanwhile, Gillian Charlesworth of the Royal Institution of Chartered Surveyors has said that a stamp duty holiday will only work effectively if mortgage lending is also boosted.

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