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Action needed to Stamp out Mid Market Malaise
With Second Steppers struggling to get onto the next rung of the housing ladder Stamp Duty Land Tax is coming under the microscope. For one thing, the Treasury has quietly been making hay whilst the London market overheats. So much so that the tax pocketed it a cool £879million in May alone (up a staggering 36% on the same month last year). Not a bad thing you may think as many of those writing the cheques are rich foreign investors. However, many commentators and a growing number of MPs now see the tax as presenting a real barrier to social mobility. Here in Wolverhampton the average Second Stepper has to find a couple of thousand pounds to pay the tax – this on top of all the other costs that go along with moving house. With money tight and Lenders getting tighter with it the tax take is now one of the biggest barriers to making the move. Government needs to see the bigger picture.