Higher taxes are unavoidable. Property taxes are less bad for economic growth than are higher income taxes. It therefore makes sense to replace the stamp duty with a property tax. There are two snags to this.
First, a property tax is regressive. Poorer people would pay a greater share of their income in tax. This can be repaired, either in the design of the property tax itself (e.g., income-dependent exemptions or a non-linear tax) or through changes in income taxes and benefits.
Second, a property tax should be based on the value of a house. The Revenue does not know this value, and building up the required data will take a few years at least. The government may be tempted to introduce a flat tax instead, or use self-assessment. A flat tax is very regressive. Self-assessment without proper sanctions rewards dishonesty. It is feasible, however, to introduce a property tax based on assessed values, and assess the value using simple rules (e.g., county and size).
A property tax would hit people who are income-poor but property-rich. It would act as an incentive to mobilise their wealth.
(family matters delayed this post)