Stamp duty 'should be non-existent'

Stamp duty should be completely wiped out, according to one London-based estate agent.

Founder and managing director at SW19 Luke Bennett said: "On properties that cost up to £175,000 there's no stamp duty but really, what can you buy for £175,000 in and around London? Nothing at all."

He added that it should be non-existent for first-time buyers at least who are struggling to borrow from mortgage lenders enough at the minute as it is.

Mr Bennett added that stamp duty has an effect on whether people decide to buy a property in the first place.

A buyer could be the best negotiator in the world and barter as much as £30,000 off the value of a property, he said, but when stamp duty and interest is added people still end up paying more than they want to.

Nationwide's house price index report released this week revealed the decline of house prices was not as sharp in November as it was in October.

Still, property prices have fallen by 13.9 per cent over the last year, bringing the average cost of a house down to £158,442.

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