Ministers should slap new taxes on second homes, empty properties and houses bought by foreign investors, a think tank says.
Onward, backed by Tory modernisers, calls for a range of moves aimed at freeing up accommodation to tackle the chronic housing crisis.
It also wants stamp duty scrapped for homes priced up to £500,000 - taking 770,000 properties a year out of stamp duty altogether.
Rates above £500,000 should be slashed to encourage buying and selling, making homes further down the property ladder available to first-time buyers, it says.
The axing and shake-up of stamp duty would strip £3.3billion from Treasury coffers.
But Onward believes its plan would pump most of the money back in.
It recommends a 1% annual tax on the value of homes left empty for more than six months in a year, raising £645million.
Hiking the 3% stamp duty surcharge on second homes and investment properties to 5% would add £790million.
A 3% stamp duty surcharge of foreigners buying residential property would generate £540million, and a new, higher council tax band for more expensive properties would raise £173million.
Other changes would take the haul to £3.2billion, meaning Onwards plan would cost £100million.
Think tank director Will Tanner said: “Stamp duty is a bad tax - it creates friction in the housing market, preventing people from buying their first home, moving for work, or downsizing to free up housing stock for families.
“The next Prime Minister should be bold - take all but the most expensive properties out of stamp duty and pay for it with fairer taxes on empty, foreign or expensive properties.
“If they don’t, the Conservative dream of a property owning democracy will get further and further away.”
