Stamp duty measures 'will have modest impact'
One of Britain's biggest mortgage bodies has criticised Labour and Conservative pledges on stamp duty relief for first-time buyers, claiming it will have a "modest impact".
In its latest News and Views edition, the Council of Mortgage Lenders (CML) evaluated the effect of policy proposed by each of the three main political parties on the housing market and mortgages.
Liberal Democrat policy to reform court powers for home repossessions raised concerns for the organisation, which warned that mortgage availability could be restricted as a result.
The CML admitted that each party offered significant proposals to try and tackle difficulties for potential buyers
"It is disappointing, however, that the biggest single issue affecting the aspirations of home-owners - the long-term shortage of mortgage funding - has not been addressed," they added.
Recent opinion polls are indicating that a hung parliament is increasingly likely, with less than a fortnight until Britons go to the ballot box.
News that stamp duty may have a lesser impact on the ailing housing market than hoped for by the government, could encourage more people to look for property to rent in the London of Tower Hamlets, or elsewhere in the UK, instead.
By Andy Britten
Published 26th April, 2010
© 2010 Estates IT Limited
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With a leading mortgage body indicating that the benefits of stamp duty relief will be modest, more people may be attracted to look at property to rent in the London borough of Tower Hamlets, or elsewhere in the UK, as a result.