A report, co-authored by Tory MP Chris Philp, said the measure would remove stamp duty
from 770,000 primary house purchases a year.
Mr Philp said: "It is essential that the new prime minister takes early action to back homeownership and tear down the biggest barrier to hardworking people getting on the duty: New Johnson property ladder by radically cutting stamp duty
"A combination of strengthening demand and April's stamp duty
deadline has resulted in higher sales volumes," said Tom Bill, head of London residential research at Knight Frank.
According to the most recent research from Lloyds Bank, homebuyers spent an estimated GBP7.7bn on Stamp Duty
in England and Wales in the year to March 2015 and the average homeowner spends nearly GBP10,000 on Stamp Duty
in total as they move up the housing ladder.
The system from December 4 is not charged at a single rate of the whole purchase price, but rather only the proportion of the purchase price that falls within each stamp duty
Matthew Sinclair, chief executive of the Taxpayers' Alliance, said: "As the property market recovers, more and more people will be sucked into paying punitive rates of stamp duty
Martin Ellis, Halifax housing economist, said: "Efforts by first-time buyers to beat the expiry of the stamp duty
holiday at the end of March have probably increased sales in recent months and may have helped to support prices."
"Saving for a deposit is now more demanding than it has ever been and so the reintroduction of stamp duty
will certainly disadvantage first-time buyers.
However, a modified process has been put in place for non-resident applicants in respect of applications for PPS numbers for capital taxes and stamp duty
According to the proposed amendment, the transferee entity will have to pay a stamp duty
of 2 per cent of the market value of the transferor company s immovable properties located in the state, or 0.5 per cent of the aggregate of market value of shares issued and consideration paid for such amalgamation, whichever is higher.
is charged at varying rates according to the prices of properties.
About 83 per cent of people planning to buy a house said they had either postponed their move date or called it off indefinitely following speculation over the future of stamp duty
, according to website Moveme.com.