Former RICS chairman Jeremy Leaf comments on Tory plans to abolish stamp duty

Jeremy Leaf, north London estate agent and a former RICS residential chairman, says: “We welcome the Conservatives’ announcement that stamp duty is to be abolished.

“Stamp duty may have proven to be an excellent revenue raiser but is also a deterrent to mobility, upsizing/downsizing and economic growth. Stamp duty reduces liquidity and distorts pricing in the existing homes, as well as new-build, market.

“Genuine first-time buyers shouldn’t pay – they are the engine room of the housing market helping to unlock transactions further up chains.

“But be careful what you wish for. The revenue generated by this hugely unpopular tax will have to be replaced – but there must be a better way.

“We certainly need an urgent debate to determine what alternative is going to have least impact on activity.”