David Powell, CEO of Andrews Property Group, has launched a formal petition urging the government to allow homebuyers the option to spread Stamp Duty Land Tax (SDLT) payments over two to five years instead of the current 14-day deadline.

Powell argues that this change would ease financial pressures on both first-time buyers and existing homeowners by reducing upfront costs associated with property purchases. “We think the 14-day SDLT payment requirement creates affordability barriers for first-time buyers and homeowners,” Powell stated in the petition. He proposes a system similar to HMRC’s installment arrangements, allowing more flexible payment terms to lessen the burden at the time of purchase. “Buyers may have to save extra funds, on top of deposits, or increase mortgage borrowing, which could reduce purchasing power,” he noted. “We think short-term solutions, such as temporary rate cuts, create pressure for all parties in the moving process. We think a flexible payment scheme would be a sustainable solution—it would address affordability, while maintaining tax revenue, and improving housing market mobility.”

The petition is now live on the official UK Government and Parliament website and will remain open for six months. If it garners 10,000 signatures, it will receive a government response. With 100,000 signatures, it will be considered for parliamentary debate.

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Source: Juliet Shaw, Today's Conveyancer