Abolishing stamp duty won’t solve Britain’s housing crisis – but this radical property tax just might | Josh Ryan-Collins

The article discusses the need for a radical overhaul of the UK's property tax system, which is deemed both inefficient and unfair. Economists across the political spectrum agree that the current system, with stamp duty as the main culprit, is hindering economic potential and contributing to the housing crisis. Stamp duty, a lump sum tax paid on property purchases, discourages people from moving as frequently as they should, preventing them from finding the right job or home for their household. This, combined with high interest rates and sluggish growth, has led to near-record lows in property transactions. Meanwhile, over a third of English households live in "under-occupied" homes with two or more spare bedrooms, mostly owned by the baby-boomer generation. The article suggests that reforming stamp duty could free up some of these under-occupied properties, potentially enhancing growth, productivity, and addressing the affordability crisis. The author argues that incremental changes are not enough, and that the deeply unfair property market needs a "big bang" moment to address these systemic issues.