NAEA president Wendy Evans-Scott highlighted the fact that the UK already has the highest property tax of any OECD country (4.2% of GDP compared to the OECD average of 1.8%), according to the Centre for Policy Studies.
Commenting, she said: "Property in the UK is already over-taxed compared to our European neighbours and the market is struggling to recover from the economic slow-down.
“The heavy tax burden on homeowners as well as a lack of housing supply is stifling the market.”
The NAEA called on the Government to prioritise building more homes to increase supply and comprehensively reform Stamp Duty.
Evans-Scott continued: "Concerns amongst potential buyers about the size of deposits needed, mortgage availability, levels of stamp duty and the stability of the market means that home ownership is at its lowest level for twenty years.
"The Chancellor must take urgent action to make it easier for first time buyers to get on the housing ladder, and less expensive for existing homeowners to move.
“Reforming the unfair ‘slab' structure of Stamp Duty should be his first step."
