Is stamp duty relief just a 'sticking plaster'?
An early day motion has been raised in parliament, stating that the current stamp duty relief on properties valued at £175,000 or less should be extended past its December 31st deadline.
The motion, by Chorley MP Lindsay Hoyle, urges the government to extend the relief, on the grounds that it will stimulate the housing market further and help the economy grow in 2010.
However, commenting on the motion, Katy John, spokesperson for PricedOut.org.uk, said that any further stamp duty relief would just be acting as a "sticking plaster" on the underlying problems within the housing market.
She said that rather than introducing a relief of the tax, it would be preferable for the government to build more houses in order to meet its objective of three million new properties by 2020.
"The emphasis should be on addressing the issue of affordable housing and allowing first-time buyers the chance to get onto the market is still a key issue. But stamp duty exemption is not the best way to tackle that," Ms John noted.
With the stamp duty holiday set to end this month, Britons may find that flats to rent in Blackheath or another part of London are more affordable than homes for sale in the same area.
Written by Ben Carter
Published 4th December, 2009
© 2009 Estates IT Limited
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An extension of the stamp duty holiday may not be able to help the housing market, one sector commentator has claimed.