Stamp duty on house purchases should be replaced by an annual property tax to improve conditions in the housing market and the economy, the Organisation for Economic Co-operation and Development said yesterday.
The Paris-based think-tank said that hefty stamp duty faced by homebuyers in Britain dampened housing transactions and so limited worker mobility, which it said was one of the key factors for a healthy economy.
The ability of workers to move to expanding sectors and regions was crucial if countries were to return gradually to pre-crisis employment rates, the OECD report on housing said.
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