Rightmove has given its backing to abolishing Stamp Duty.

Rightmove has given its backing to abolishing Stamp Duty.

It comes after Conservative Party leader Kemi Badenoch said she would scrap the controversial property tax if the Tories returned to power at the next General Election.

The property portal said this would remove one of the biggest barriers to moving, with only 5% of homes for sale now exempt from Stamp Duty for movers, compared with 40% for first-time buyers.

Colleen Babcock, Rightmove’s property expert, said: “We’ve been calling for Stamp Duty reform for some time now, as it’s a significant barrier for many people moving home. Abolishing it completely would remove one of the biggest barriers to moving, unlocking more moves at all stages of the property ladder.

“Our data shows that only 5% of homes in England are exempt from Stamp Duty for people moving to their next home, and only 40% for first-time buyers.

“Looking ahead to November’s Budget, we would urge the government to review how stamp duty could be changed. Even changing the thresholds would be a helping hand for some, but if there was the possibility to go even further it would be a huge step forward for mobility across the property market.”