Petition Stamp Duty Land Tax (SDLT) Regional Prices

What I propose is a very simple change to the rate at which Stamp Duty Land Tax (SDLT) is to be applied from a national to a regional rate that would would allow for the cost to be lower thus helping people to buy a house.

I believe the SDLT or dreaded Stamp Duty rate should reflect the local housing prices in a region, leading to a fairer system.

An example of this would be a one house in Leicestershire worth £255,000 would be subject to a 2% SDLT, this same house in a different region e.g. London might be worth £755,000 thus attracting a 4% fee even though it is the same size and footprint. In my model this should not be the case and really should be 2% both in Leicestershire and London.

Whilst I am not suggesting we play with market economics I am suggesting the government reflects the change in the regional price and balances the tax rate to help buyers.

SO to sum up – no more national tax rates, change to a regional applied tax for SDLT