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Stamp duty ‘must be cut,’ says NAEA
The majority of National Association of Estate Agent members feel that the government is not doing enough to help prospective homeowners or the housing industry.
In order to solve this, they are calling for a further base rate cut and a significant change to the stamp duty regime in order to stimulate the property market.
The body's president, Chris Brown, said, “The recent problems in the property market have resulted in prices returning to realistic levels.
“But, the Bank of England and the government have to do more to help prospective buyers take advantage of the situation.
“That is why we are calling for a further cut in interest rates next month and a suspension of stamp duty from Chancellor Alistair Darling in this week’s pre-Budget report,” said Mr Brown.
His demand for action comes on top of the Bank's monetary policy committee slashing the base rate to three per cent earlier this month and the stamp duty threshold rising to £175,000 in September.
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