NAEA: Stamp duty suspension encouraging
06 August 2008
The indication that the government is looking to suspend stamp duty is "very encouraging", the National Association of Estate Agents (NAEA) asserts.
In a statement, the professional body notes that it has been urging the government to address the current housing market situation by calling for measures such as a holiday from stamp duty.
"Drastic action is needed in order to get the cogs whirring in the market place again. If this suspension does occur then it will provide a much needed boost to consumer confidence," it adds.
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However, the NAEA states that it is concerned that anticipation of the suspension of stamp duty could lead to transactions in the housing market halting until the decision is made either way.
In conclusion, it continues to appeal to the Treasury to completely overhaul stamp duty.
The government's Directgov website notes that at present, stamp duty is payable on a property which is purchased for more than £125,000.
Stamp Duty: Scrap, Suspend or Defer?
