Stamp Duty is “bunging up” the housing market, according to shadow chancellor Mel Stride.

The Conservative party has Stamp Duty in its crosshairs, and has pledged to axe the tax on main homes if reelected.

Stride (pictured) told the Winkworth Property Exchange podcast that Stamp Duty prevented first-time buyers getting on the ladder, made downsizing unaffordable and caused issues for those that needed to relocate for work reasons.

“Stamp duty damages aspiration and the economy,” he said. “And this hits the majority of England. It’s not just a London problem.

“The social consequences are far-reaching, from first-time buyers to elderly people living in houses they can’t afford to run. It’s bunging up the housing market.”

Stride said the Conservatives would fill the tax gap left by ending Stamp Duty by cutting benefits payments, the civil service and overseas aid.

He added: “This wouldn’t be a tax cut for the hugely affluent. It would enable people to move at every level of the market. Most people impacted by Stamp Duty don’t live in London and most transactions are below £500,000.”