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Stamp duty confusion muddies property water

Tuesday, 19 August 2008 12:00 AM

Government confusion over stamp duty has heaped further pressure onto an already beleaguered property market, according to Hamptons International.

While the estate agent recorded a 13 per cent increase in the number of completed property sales during July this year, when compared with earlier this year - suggesting a return to form for the market - this has now been reversed.

Recent government leaks - alluding to, but not confirming, a stamp duty holiday for property buyers in the UK - have encouraged potential buyers to adopt a 'wait and see' attitude to new acquisitions.

During the last week the number of exchanges went down by 17 per cent following three weeks of continual gains, finds Hamptons.

The confusion over stamp duty may not be resolved until the Alistair Darling's pre-Budget report during the autumn.

"Moreover the longer the possibility of a change hangs in the balance, the worse the situation will become," commented Rob Bruce of Hamptons International.

"If administered effectively this change could allow first-time buyers to supplement their deposit rather than pay stamp duty fees immediately.

"However, drawn out speculation does not help anyone," he added.

Hamptons International is arguing the government should lift the lowest stamp duty threshold to £250,000 in order to kick start the lower end of the market, and assist first-time buyers.

Chris O'Toole

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