Cordelia’s comments were published in Estate Agent Today, 17 November 2025, and can be seen here.
Cordelia Smith, Associate in our Residential Property department, explores the growing debate around Stamp Duty Land Tax (SDLT) and its impact on the housing market.
She highlights how SDLT can significantly affect affordability and influence decisions about when, where, and whether people buy homes. With political uncertainty surrounding Chancellor Rachel Reeves’ upcoming budget, and recent proposals from figures like Kemi Badenoch to scrap SDLT entirely, the topic has gained renewed urgency.
Cordelia points out that one of the major issues with SDLT is its complexity. Since its introduction in 2003, the tax has undergone numerous amendments, making it difficult for buyers to navigate. She argues that even experienced professionals can underestimate how confusing SDLT is for the average buyer, and that specialist advice is often essential. The lack of clarity has led to widespread calls for reform, though the shape of that reform remains unclear.
If SDLT were abolished, Cordelia notes, the government would need to replace the lost revenue estimated at £12 billion in 2024 with an equally effective alternative. Ideas such as a “mansion tax” have been floated, but any new system must be carefully designed to avoid unintended consequences. She stresses that reform should not just be about plugging fiscal gaps, but also about supporting a healthier housing market, especially for first-time buyers and downsizers.
Finally, Cordelia warns against short-term, politically motivated changes. She reflects on the volatility caused by recent policy shifts, including the post-lockdown SDLT holiday and the fallout from the Kwarteng-Truss mini-budget. For reform to be meaningful, it must be long-term, well-planned, and supported across party lines. Only then can it truly benefit buyers, sellers, and the wider property market.
Read the full article on the Estate Agent Today website [external link].