Property experts urge Rachel Reeves to abolish ‘sin tax’ of stamp duty in budget

Experts have proposed an annual property tax payable by buyers of homes worth above £500,000. Photograph: Yui Mok/PA

Rachel Reeves has been urged to abolish the “sin tax” of stamp duty in the budget by property experts including TV presenter Kirstie Allsopp, as the chancellor faced calls to replace it with an annual property tax.

Allsopp, presenter of Channel 4 property shows including Location, Location, Location, said “people are in a panic” about potential stamp duty changes, and “sitting tight” ahead of the 26 November budget.