The trade body states that a new property tax regime should be proportional' and created in alliance with key industry stakeholders with consideration for all types of buyers - including first-time buyers, second steppers and those looking to 'right size'.
This call is in response to reports stating that the UK Government is contemplating a fresh tax on the sale of homes worth more than £500,000 alongside a review of council tax.
Chancellor Rachel Reeves has informed senior ministers about the proposals in advance of the upcoming Autumn Budget, with an eye to bringing in additional revenue. One measure being considered is whether a local property tax could replace council tax once a national tax designed to substitute Stamp Duty has been implemented - but no official announcements have been made.
Propertymark stressed that any additional taxes 'must not penalise' aspiring homeowners at a time when the amount needed for a deposit reaches the tens of thousands.
Timothy Douglas, head of Policy and campaigns at Propertymark comments: “Discussions around reforming Stamp Duty are welcome because it is a significant barrier to moving and getting people on the housing ladder. What’s key is that any reforms are evidence based and support first time buyers, second steppers and those looking to right size.
“Economic growth can come from reducing the financial burden of Stamp Duty which we know increases the number of transactions, but any changes must work alongside differing property prices and the dynamic nature of our housing markets across the country.”
