The stamp duty property tax should be one per cent for all transactions over £250,000, according to the director of a London-based estate agent.

Ed Mead from Douglas &Gordon said that private landlords and other homeowners who purchase property under a quarter of a million pounds should not have to pay the levy.

Indeed, he said the property tax measure "has been one where the government has cut off their nose to spite their face".

People do not want to move as much because of the extra costs, Mr Mead explained, before adding that the government has "ignored [...] that feeling of nobility that people have [from] being able to move around without being completely crucified [financially]".

A zero-rate stamp duty band has been placed on all properties bought up to £175,000 over the last year, but from January 1st 2010 any home bought for between £125,000 and £250,000 will carry a one per cent property tax again.

Written by Sarah Field
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