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
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
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.