It published a statement today outlining a 'wishlist' for Osborne ahead of his budget announcement, including its wish that the scheme be made more flexible so that it can be adjusted for individual regions’ needs, saying around 60% of RICS members believe this would make the market more sustainable.
RICS also called for the Chanvcellor to replace the 'archaic' stamp duty system, believing that the government should consider a fairer, marginal rate to replace the current structure which sees few homes come onto the market at between £250,00 and £275,000 whether or not they are worth that price.
RICS head of UK policy Jeremy Blackburn says:
“This is a very important Budget for the Chancellor and one which will shape the economy in the run-up to the general election.
“A major area of concern in the property sector, at present, is the current stamp duty system which is both out-of-date and distorts the market by taxing buyers disproportionately high amounts should they go just one pound over the pre-set thresholds. A more intelligent, modern way of taxing property sales is needed for a market which is changing at a rate of knots."