The stamp duty property tax has not kept pace with house price appreciation over the years and the system needs to be modernised, according to National Landlords Association (NLA) chairman David Salusbury.
His comments came after the NLA, which represents private landlords in the UK, added its name to a list of property organisations lobbying the government to change the stamp duty system.
The so-called 1808 Coalition wants a number of developments to occur, including keeping the current tax threshold at £175,000 instead of reducing it to its pre-recession level of £125,000 as is planned for December 31st.
Member groups of the campaign are the National Association of Estate Agents, the Association of Residential Letting Agents, the Building Societies Association, the Home Builders Federation, the Association of Mortgage Intermediaries and the Council of Mortgage Lenders.
Mr Salusbury remarked: "[Stamp duty] creates an unbalanced housing market and discourages investment in housing. Reform is needed now."
Written by Claire Doyle
