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MP: Stamp Duty should be reformed on shared ownership properties
A Conservative MP has called for Stamp Duty to be reformed on shared ownership properties to ensure it is only paid once.
The proposal was raised during the Parliamentary debate about whether rent payments should be used as proof of mortgage affordability.
Speaking in yesterday’s debate, Paul Scully, Conservative MP for Sutton and Cheam, noted that increasing Stamp Duty had reduced property transactions and made it harder for people to take their first step on the property ladder.
“Introducing the buy-to-let surcharge clearly reduced transaction levels, and the best way to boost them again is to cut Stamp Duty for homeowners, which should boost transactions and economic growth,” he said.
“By focusing on residential homes, such a cut would also boost home ownership. At the same time, shared ownership—an increasingly popular way to help people buy part of a property—needs Stamp Duty reform. Currently, the providers of these affordable home ownership properties and their customers often pay twice: providers pay on the whole property and then shared owners pay again when they buy their share.
“Stamp Duty in such cases should be charged only once, making it even more affordable for people to get on the housing ladder.”
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