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98% concerned over stamp duty

Thursday, 28 August 2008 12:00 AM

The vast majority of estate agents believe consumer confidence has been damaged by indecision over the future of stamp duty, according to the latest study.

Research from the National Association of Estate Agents (NAEA) reveals up to 98 per cent of agents believe consumer confidence has been further damaged by the government's perceived indecision over the future of stamp duty.

Furthermore, 56 per cent of agents claimed to have lost at least one sale since the revelation was made. When the survey was last carried out two weeks ago just 26 per cent of agents thought sales had fallen through as a result of the comments.

The NAEA has been exasperated by government indecision on the issue, following leaks to the Sun newspaper earlier this month proposing a potential holiday on the collection of stamp duty.

As a result, buyers have been reticent to make a purchase, aware they could save thousands of pounds if they delay by a matter of months.

With prices falling - with Nationwide today reporting prices have fallen by over ten per cent during the last year - buyers have been further encouraged to delay a purchase.

Consequently, mortgage lending has fallen sharply, with figures released earlier this month by the Council of Mortgage Lenders (CML) revealing the slump continued in earnest during July.

Total lending stood at £24.8bn, 27 per cent lower than a year ago, confirmed the CML.

"This just is not good enough," fumed NAEA chief executive, Peter Bolton King.

"The housing market is in a very serious position and we need serious action.

"The figures show that it is agents and consumers that are bearing the brunt of this indecision and whilst we need a planned and managed response from the Government we also need it quickly."

The Treasury has moved to deny the potential of a holiday, calling rumours "plain wrong".

Liberal Democrat shadow chancellor, Vince Cable, joined the fray saying: "Not only is a stamp duty holiday a ridiculous policy, amounting to little more than a bribe to push first time buyers into a falling market, but the uncertainty created is causing the already slowing housing market to grind to a complete halt.

"In these difficult times we need a government which will provide strong leadership.

"Instead all we get is hopeless indecision"

Chris O'Toole

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