Jonathan Rolande, from the National Association of Property Buyers, believes the move will help suppress the second home market.
Mr Rolande, also the founder of House Buy Fast, also wants to see incentives that would encourage landlords to better insulate homes.
He said: “Firstly I’d like to see Rishi Sunak increase the second property Stamp Duty. This will help suppress BTL/second home market etc.
Additionally, we’d benefit from seeing an Increase overseas buyer stamp from 2% to 3% for first property increasing to 4% for subsequent homes.
Increase FTB 0% stamp from £300,000 to £350,000 to reflect huge price increases
“I’d all back handing landlords tax relief on insulating materials for let property – it is a scandal that tenants must live in cold, expensive to heat homes that they are unable to insulate themselves. We should also cancel 5% VAT for insulation.”
Rishi Sunak is expected to pledge to “stand by” hardworking families and set out further plans to support people with the rising cost of living when he unveils his spring statement later.
It is understood the chancellor will unveil proposals intended to build “a stronger, more secure economy” as people across the UK face growing household bills which have been exacerbated by the war in Ukraine.
He will also say that building a strong economy is fundamental in enabling the United Kingdom to counter the threat that Russia’s President Vladimir Putin poses to its values.
Mr Rolande’s comments come as reports reveal how the London property market is overvalued by as much as 50pc, raising fears of a looming correction, according to a leading global ratings agency.
S&P Global Ratings, part of S&P Global, used long-term average prices of properties and compared them with income data for its calculations. Alastair Bigley, a researcher for the agency, warned that prices were likely to fall. “A combination of low rates, the stamp duty holiday and excess savings amid the pandemic have driven property prices higher, particularly in London and the South East where overvaluation relative to income over the long-term is as much as 50pc,” he said. “We expect a greater correction in property prices in an overvalued market.” Outside London, S&P estimated that property was overvalued by 20pc. Mr Bigley said that house price rises were “a consistent trend” across the pandemic, which was not initially noticed due to the disruption to the international economy. Prices had also risen sharply across Europe since the pandemic began.
