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A new petition calling for flexible stamp duty payment options, allowing buyers to spread costs over two-five years rather than the existing 14-day deadline after completion has been launched.
The petition addresses three critical issues affecting the housing market: the need for sustainable solutions over temporary measures, buyer affordability challenges, and barriers to housing market mobility.
David Powell, CEO of Andrews Property Group, who created the petition, said: “We believe this flexible payment approach offers a sustainable, long-term solution that benefits buyers, maintains government revenue, and creates a more stable operating environment for our industry.”
Powell highlights that the requirement to pay SDLT within 14 days of completion creates affordability barriers for first-time buyers and homeowners. Buyers may have to save extra funds, on top of deposits, or increase mortgage borrowing, which could reduce purchasing power, he argues.
Powell adds that flexible payments could help improve housing market mobility. The proposed scheme would work similarly to existing HMRC payment plans, maintaining the same tax revenue for government while providing manageable monthly payments.
If the petition gets 10,000 signatures, the government will respond. At 100,000 signatures, it will be considered for debate in parliament.
You can view the petition here.
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