Kemi Badenoch has electrified the Conservative faithful with a bold £9bn pledge to abolish stamp duty. The announcement – delivered during her closing speech at the party’s conference in Manchester – ramps up pressure on chancellor Rachel Reeves ahead of next month’s Budget.

Badenoch – who has recently found her leadership under scrutiny – revealed the commitment to thunderous applause, positioning it as a defining flagship policy and a signal of her future direction.

Her proposal has struck a chord with estate agents, many of whom now hope Reeves will follow suit. A recent survey by GetAgent found that 92% of estate agents in England believe removing the upfront cost of stamp duty would encourage more buyers to enter the market, with 47% saying it would have a significant impact.

Geoff Wilford, founder of Wilfords London, commented: “The Conservatives may be a long way from power again, but their promise to scrap stamp duty could actually do something useful – spark the debate this country has needed for years.

“Stamp duty is one of the biggest reasons people don’t move, particularly in London, where even trading up by one bedroom can mean writing a cheque to the Treasury for hundreds of thousands of pounds. It freezes the market and keeps families stuck where they are.

“Whether or not this policy ever comes to pass, it shines a light on the fact that the system is broken. What we need now is for Rachel Reeves to recognise that reform is not just popular, it is essential. If she wants a housing market that works, she cannot ignore the dead weight of stamp duty.”

Richard Sexton, commercial director of HouzeCheck, described stamp duty as an “outdated” and “regressive” tax that burdens anyone aiming to buy a home.

He said: “Existing homeowners and potential first-time buyers should cheer to hear of its proposed removal.  SDLT inflates the already hefty costs of purchasing a property.  It unfairly punishes those who’ve saved to buy a home but now need to upsize or move for work, while also discouraging older homeowners from downsizing – even when their large homes are no longer needed.

“Tenants aren’t spared either – landlords offset the surcharge through higher rents.  Not only does it cost a great deal of money, it is also hampers Britain’s economic efficiency by discinsentising relocation for work.  I welcome its proposed abolition.”

Nina Harrison, at Haringtons UK, agrees that stamp duty reform is long overdue.

“The Conservatives promising to scrap it altogether will go down very well because fiddling with bands or thresholds doesn’t really shift the dial. Right now, Stamp Duty is one of the biggest blockers to people moving, especially in London where even a modest home comes with a punishing tax bill,” said Harrison.

She continued: “Take it away and suddenly downsizers can move without hesitation, families can trade up, and first-time buyers aren’t distorted out of the market. The problem, of course, is whether the country could actually afford such a big tax giveaway if it ever came to pass. It’s a huge revenue raiser for the Treasury. But ahead of the Autumn Budget, the hope is Rachel Reeves takes note of what her rivals are saying. People want to move, but they don’t want to be punished for it.”

Will Vaughan, director at House Collective, added: “Kemi Badenoch has thrown out a real crowd pleaser with her promise to scrap Stamp Duty for primary residences. It is the kind of policy line that gets buyers and sellers cheering because everyone knows how damaging the tax has become. The reality, of course, is that the Conservatives are nowhere near power, but what she has done is put stamp duty back at the centre of the conversation. And that matters, because ahead of the Budget there is caution in the market.

“Some buyers are holding off, sellers are nervous and the rumours swirling about wealth taxes, inheritance changes and even Capital Gains on primary homes are paralysing decision-making. Against that backdrop, Badenoch’s line landed because it spoke to what people want: freedom to move without being clobbered by the Treasury. Whether Rachel Reeves listens is the bigger question.”

Property industry welcomes Conservative promise to abolish stamp duty