Rightmove and Zoopla join estate agency calls for Stamp Duty reform

Rightmove and Zoopla have found an issue to unite on – Stamp Duty.

The portals have publicly backed a petition calling for flexible Stamp Duty Land Tax (SDLT) payment options.

It comes as the petition, launched by Andrews Property Group, has reached its first significant milestone of 1,000 signatures.

TV presenter and property expert Phil Spencer has also released a video to his social media followers urging them to sign.

The petition proposes allowing home buyers to spread Stamp Duty costs over two to five years rather than finding the full amount within 14 days of completion, directly addressing affordability pressures facing first-time buyers and home movers.

Christian Balshen, Rightmove’s director of agency partnerships said: 

“This pragmatic suggestion could positively impact demand, and consequently support a healthy market and transaction volumes. 

“It is well known and generally agreed that every residential property transaction gives a boost to the economy. Initiatives which could free up more cash for homebuyers to spend on their new home can only support this.”

Paul Whitehead, chief executive of Zoopla, added: 

“Stamp Duty is a significant barrier to moving home, limiting both house moves and labour mobility — two essential drivers of UK economic growth. 

“Zoopla’s latest data reveals that over 80% of home movers and 40% of first-time buyers are now paying stamp duty—an increase from last year. This comes at a time when affordability is playing an even greater role in decision-making. 

“Zoopla is proud to support this initiative to allow stamp duty to be paid in instalments, a change that could unlock market activity and help get Britain moving.”

David Powell, chief executive of Andrews Property Group, who initiated the petition, said:

“Having Rightmove, Zoopla and Phil Spencer give their support to the petition shows there’s real recognition across the industry that we need practical solutions to affordability barriers.

“This reform could unlock significant buyer demand currently held back by cash flow constraints. Our next milestone is 10,000 signatures, which would trigger a written government response and bring us closer to the Parliamentary debate at 100,000 signatures.”

https://petition.parliament.uk/petitions/729071

Kindly shared by EstateAgentTODAY Image courtesy of Adobe