Stamp duty 'preventing housing recovery'

Stamp duty 'preventing housing recovery'In its current form, stamp duty is halting the recovery process of the UK property market, one sector commentator has claimed.

Peter Bolton-King, chief executive of the National Association of Estates Agents, likened the duty to an "anachronistic tax", stating that it limits market flexibility, creates regional inequality and "unfairly distorts" the housing market.

He urged the government to take action as the release of the pre-Budget report approaches.

Meanwhile, Ian Potter, operations manager of the Association of Residential Letting Agents, added: "Not only does stamp duty prevent those aspiring to own a home from doing so, it also impacts the whole property chain."

And Michael Coogan, director general of the Council of Mortgage Lenders asserted that a review of stamp duty is long overdue.

With the current stamp duty holiday on properties costing less than £175,000 set to end soon, Britons may still find that property to rent in Kensington or another part of London continues to be a more affordable alternative to buying a home.

Meanwhile, Moneyfacts recently claimed that mortgage rates also need to fall in order to attract more buyers.

Written by Ben Carter

Published 16th November, 2009

© 2009 Estates IT Limited

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Stamp duty has been labelled "anachronistic tax" which is preventing the housing market from recovering, which may prompt Britons to consider renting rather than buying if they wish to save money.

Stamp duty 'preventing housing recovery'

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