The government needs to focus on stamp duty in the March Budget according to Nick Leeming, chairman of Jackson-Stops.
HMRC tax receipts data showed that receipts incurred by stamp duty fell by a further 5.2% between 2018 and 2019, with monthly data showing that there has not been a peak in receipts since December 2016.
Leeming said: “However, if the government were to introduce a stamp duty land tax surcharge of 3% for non-residents buying UK residential property this could very well change.
“It all currently rests on the changes Chancellor Sajid Javid decides to implement in the upcoming Budget.
“In order for the UK property market to thrive again and provide the economy with the extra boost it requires, we need the stamp duty pledges Boris Johnson made in his original campaign to be Prime Minister to come to fruition.
“We’ve already started to see some initial green shoots of recovery in the London market as demand among buyers increases, however ensuring this confidence follows through to sellers to unlock supply of homes is vital.
“Recent research of ours shows that 41% of consumers believe there should be a wholesale reduction in stamp duty across all price brackets, while more than a quarter think government should abolish stamp duty on all homes under £500,000.”