19 Nov

Suspend stamp duty, says NAEA

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.
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