Rightmove has voiced its support for abolishing Stamp Duty, calling it one of the biggest barriers to people moving home.

The property portal’s backing follows Conservative Party leader Kemi Badenoch’s pledge to scrap the tax if the Tories return to power after the next General Election.

Rightmove says that only 5% of homes in England are now exempt from Stamp Duty for existing homeowners, compared with 40% for first-time buyers, making it a major obstacle to market mobility.

Colleen Babcock, Rightmove’s property expert, said:  “We’ve been calling for Stamp Duty reform for some time now, as it’s a significant barrier for many people moving home. Abolishing it completely would remove one of the biggest barriers to moving, unlocking more moves at all stages of the property ladder.”

She added that the company would like to see the government address the issue in the November Budget, either by raising thresholds or removing the tax altogether.

Some analysts warn, however, that talk of abolishing Stamp Duty could stall the housing market in the months leading up to an election, as buyers wait to see if the policy is implemented.