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Agents revolt over stamp duty confusion

Thursday, 14 August 2008 6:17 AM

Estate agents in the UK have expressed serious concern over potential government amendments to the stamp duty regime.

Some 92 per cent of agents believe the chancellors remarks - in which he has consistently refused to confirm or deny the potential for a stamp duty holiday to ease financial strife in the property market - have increased consumers concerns.

Furthermore, just a week since the 'announcement', the results of a survey from the National Association of Estate Agents (NAEA) indicate that 25 per cent of agents now claim a sale has fallen through as a direct result of Alistair Darling's evasiveness.

"Instead of the government formulating a careful plan outlining their thoughts clearly and concisely with a clear time frame in mind, this comment was simply made off-the-cuff," said NAEA chief executive, Peter Bolton King.

"This is not particularly helpful in the current climate.

Speculation was sparked when documents were leaked to the Sun newspaper last week, mooting the possibility of a stamp duty holiday.

The chancellor then refused to commit to the plans, stating only "a range of options" were under consideration.

The Treasury has since moved to end speculation, saying rumours were "plain wrong", but housing minister Caroline Flint muddied the water further by refusing to rule the measure out.

"It seems that there had been little regard to how this speculative comment might impact on what is already a delicate market.

"These figures clearly show the effect that this 'loose' statement has had on consumers and the property market as a whole, none of which are encouraging."

It is feared buyers are now hesitating before making a purchase, with the possibility of saving thousands of pounds if the duty is scrapped.

"While a stamp duty holiday, if immediately put into place, will of course help ease the woes of consumers temporarily, we continue to appeal to the Treasury to carry out a complete overhaul of stamp duty and put in place a complete package of measures," concluded Mr King.

Chris O'Toole

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