19
Nov
Suspend stamp duty, says NAEA
The National Association of Estate Agents (NAEA) has repeated its
call for the government to suspend stamp duty in order to help
encourage activity in the property market.
Changes to the stamp duty regime were made in September, when the
Treasury announced a one-year window during which the tax would not
be charged on residential property transactions worth less than
£175,000.
However, amid a climate of economic uncertainty and against a
backdrop of banking sector problems which have made mortgages
difficult to come by, the housing sector is still relatively
quiet.
NAEA president Chris Brown said it is time for the government and
the Bank of England to take further action to stimulate the
market.
"We are calling for a further cut in interest rates next month
… and a suspension of stamp duty from Alistair Darling in
Monday's pre-Budget report," said Mr Brown.
He also demanded that the government put pressure on financial
institutions to pass on any base rate cuts to borrowers.
