“Those aged between 65 and 74 have the greatest average property wealth in this country, and youths have the least.
Miguel Sard, managing director of Mortgages, Santander UK, said: “The report highlights the unintended consequences of stamp duty.
Currently 63% of the UK’s property wealth is owned by over-55s, with a typical wealth of £161,000.
Stamp duty inhibits the incentive to relocate, the report added, reducing the ability of people to react to changes in economic conditions in different areas.
The report is called ‘An examination of residential Stamp Duty Land Tax’ and is the second about the tax in two days after Family Building Society looked at whether the government should rethink the tax yesterday.
Christian Jaccarini, economist at the Centre for Economics and Business Research, said: “While the under-supply of housing has rightly received much attention, our research shows that stamp duty significantly impedes housing transactions, meaning that we don’t maximise the benefit from the existing housing stock.