Andy Burnham has ruled out any changes to Stamp Duty in the next Budget, killing off a weekend of speculation that the new Prime Minister was preparing to axe the tax entirely.
Sky News reported that Burnham had “shut that down,” with a source confirming: “That won’t happen in the next Budget.” The swift denial came after reports suggested the PM was actively considering scrapping both Stamp Duty and Council Tax in favour of a proportional property tax.
Downing Street went further. In a statement, No10 told The Negotiator that reports the Prime Minister was actively considering scrapping Council Tax or Stamp Duty were “not true,” adding that “decisions on tax are a matter for the Chancellor to set out at fiscal events.”
The speed of the pushback tells its own story. When Rachel Reeves was Chancellor, similar speculation about Stamp Duty reform “absolutely froze the housing market for a few months until a final decision was communicated,” according to Sky News. Burnham, it seems, isn’t willing to let that happen again.
The property market doesn’t deal well with ambiguity. Buyers and sellers who think a tax change is imminent tend to sit on their hands, waiting for clarity before committing. A prolonged period of “will they, won’t they” would be the last thing a market already contending with elevated mortgage rates and cautious sentiment needs right now.
Burnham had previously been a vocal supporter of the Fairer Share campaign, which proposes replacing both Council Tax and Stamp Duty with a single Proportional Property Tax. Under that scheme, homeowners would pay an annual levy of 0.48% of their property’s value, working out at roughly £1,440 a year on a £300,000 home.
Fairer Share claims 77% of households would pay less under the new system, with increases for wealthier homeowners capped until they sell. Their petition calling for reform has now passed 100,000 signatures, a threshold that obliges Parliament to consider a debate.
The PM’s personal sympathy for the idea hasn’t translated into government policy. That gap between personal interest and political reality is telling. Stamp Duty raised £11.6 billion in 2024-25, and any replacement would need to generate equivalent revenue from day one.
For buyers in Norwich, Holt, and Burnham Market, Stamp Duty is a significant upfront cost that shapes purchasing decisions. A £500,000 home in Norfolk carries a Stamp Duty bill of £12,500 for a home mover. At £750,000, that rises to £25,000. For second home buyers, Norfolk’s popular coastal and countryside markets attract a further 5% surcharge on top.
Richard Donnell, Executive Director at Zoopla, has warned that where Stamp Duty becomes “a meaningful friction, some of those moves don’t happen.” He points out that six in ten property purchases are made by existing homeowners, and when the cost of moving runs into five figures, particularly across southern England, it acts as a genuine brake on activity.
That friction matters in Norfolk. The Ivybridge Collection’s property market reports across 324 locations show clear patterns: markets where the average price sits just above a Stamp Duty threshold tend to see more protracted negotiations, with buyers pushing harder on price to offset their tax bill.
Sir James Cleverly, the Shadow Housing Secretary, wasted no time. Posting on X, he called Stamp Duty “a tax on aspiration” that “locks first time buyers out” and “freezes the market.” His conclusion: “Only the Conservatives will scrap it.”
It’s a politically convenient position for an opposition party. Promising to abolish a deeply unpopular tax costs nothing when you aren’t in government. Whether the Conservatives would actually follow through, given the fiscal hole it would create, is another question entirely.
The more likely outcome is incremental change rather than abolition. Burnham’s denial was specifically about the “next Budget,” not about long-term reform. A review of property taxation could still emerge as part of broader fiscal planning, particularly if the Fairer Share petition forces a parliamentary debate.
For now, Norfolk and Suffolk sellers and buyers should plan on the basis that Stamp Duty isn’t going anywhere soon. The tax thresholds, the surcharges, and the costs of moving all remain exactly as they are. Anyone hoping the new PM would deliver a quick fix has their answer: not this year.
