Santander’s report also claims that developers  have been discouraged from building more homes because even though the tax is paid by the buyer, the seller is likely to sell at a lower price because of Stamp duty which impacts their profit margins.

 

It found that the rate of house building is down around 50 per cent in the past four decades –  from 327,000 per year in the 1970s to just 164,000 per year in the 10 years up to 2016.

 

Miguel Sard, mortgage director at Santander, said: “The report highlights the unintended consequences of stamp duty.

 

“First time buyers struggle to get on the ladder, young families want to move up it and the elderly want to downsize, but all are stifled by stamp duty.”

 

Read the full article here.