International property advisory and tax consultants Mazars is calling for the Government to reintroduce Mortgage Interest Relief at Source (MIRAS) and abolish stamp duty on properties worth under £1mn to give the UK property market a badly needed boost.

Ahead of the budget on 22nd April, Stacy Eden, Mazars’ partner and head of property, said tools like MIRAS and the abolition of stamp duty should be re-enacted for two years to give struggling mortgage payers a tax rebate and re-invigorate the stalling economy.

In February, the Council of Mortgage Lending’s (CML) figures showed gross UK residential mortgage lending fell to £9.9bn, a -60% drop on the previous year and down -15% since January.

Eden said: “If the same Government that withdrew MIRAS, rejecting it as little more than a middle-class perk in 2000, reintroduced it in 2009, Prime Minister Gordon Brown would be helping far more than just the middle-classes this time.”