The house builder is urging Government to cap stamp duty at 1% for first-time buyers and downsizers and scrap the 5% surcharge on investors.

Berkeley said the present stamp duty land tax regime had become a “binding constraint” on the housing market since interest rates returned to more normal levels.

It argues that reduced transaction levels are now costing the Treasury more in lost tax receipts than the current regime raises from new-build sales.

Revealling his direct approach to Government at the firm’s agm today executive chairman Rob Perrins said: “To meet the Government’s target of 300,000 new homes per annum, and help address the cost-of-living crisis by making homes more affordable, the current stamp duty regime requires urgent reform.”

Berkeley pointed to previous Office for Budget Responsibility estimates suggesting every 1% cut in stamp duty could increase transactions by up to 6%.

It said its three proposed measures would help first-time buyers, encourage older owners to downsize and support investment in homes for rent.

Higher transaction levels would in turn improve the viability of new schemes and support delivery of affordable housing alongside private homes.

Berkeley also backed the Government’s recent planning reforms, particularly measures aimed at unlocking brownfield development in London.

It said progress was being made taking sites through the revised planning system but warned that a more consistent pro-development approach was still needed when individual schemes reached decision stage.

Berkeley said faster planning and lower regulatory costs combined with stamp duty reform could provide the conditions needed to restart stalled sites and raise housing delivery across all tenures.