Around 2.5 million homeowners could be freed to move house if Conservative Party plans to abolish stamp duty are implemented, according to new research.

The proposal, announced today by party leader Kemi Badenoch at the Conservative conference in Manchester, would remove what she described as a “bad tax” that restricts mobility and affordability across the housing market.

Analysis from We Buy Any Home found that 17% of UK homeowners identify stamp duty as the single biggest factor preventing them from moving, equivalent to around 2.5 million people nationally.

The study suggests that scrapping the tax could release pent-up activity across the property market, particularly among downsizers and first-time buyers.

AFFORDABILITY CONCERNS

The research, conducted by polling firm Obsurvant, surveyed 1,000 homeowners across the UK. More than a third (34%) said they were concerned about affordability, with 38% of those citing stamp duty as their main barrier – a proportion that rose sharply among older homeowners and in higher-value regions.

Concerns were most pronounced among respondents aged 65 and over (46%) and in Northern Ireland (60%), the South West (49%) and London (45%) – areas where average property prices sit near or above existing tax thresholds.

Elliot Castle, chief executive of We Buy Any Home, said the policy could “transform” the housing market by removing a major financial obstacle to moving.

He argued that eliminating stamp duty would “ease the financial burden on potential buyers, unlock stalled transactions and encourage movement across all price brackets.”

Critics have warned that the loss of stamp duty revenue — which raised more than £15 billion for the Treasury last year — would create a significant fiscal gap. However, supporters claim a more active housing market could boost economic growth and consumer spending through higher levels of property-related activity.