Scrap stamp duty and council tax to fix London housing crisis, thinktank says

Centre for London report finds levy on property wealth would free up homes, fund social housing and help renters save for deposits

Stamp duty should be scrapped and replaced with a new property wealth tax to fix London's housing crisis, a leading thinktank has proposed.

A report on the capital's property market suggests an annual tax to replace the levy paid when buying a property and council tax would encourage downsizing and raise funds for social housing. It would also help renters to save a house deposit.