Family Building Society has called for the government to reform stamp duty.
This follows HMRC statistics showing receipts from residential purchases fell by 10% in 2018/19.
Mark Bogard (pictured), chief executive of Family Building Society, said: “It is regrettable that the Chancellor of the Exchequer this week failed to say anything about the stamp duty land tax fiasco over which the government presides.
“The Osborne stamp duty reforms have not worked. The latest figures from HMRC show receipts falling off a cliff.
“There were projected to rise from £7bn in 2013/14 to £16bn in 2018/19. But in the tax year to April 2019 receipts fell 10% to £8.4bn.
“There is a housing crisis. Older homeowners are staying put because they don’t want to pay a huge amount of money to the government to downsize.
“Younger people and families are finding it hard to trade up to suitable properties which affects labour mobility and the potential for the economy to grow.
“The Family Building Society calls on the government to invest some serious thought and find answers. A major reduction in stamp duty land tax for downsizers would be a start.”