CML and Rics comment on stamp duty holiday
The chancellor of the exchequer has announced that stamp duty land tax will not apply to purchases on residential property of £175,000 or less.
Relief will be effective for those transactions that take place on or after September 3rd, remaining in place for at least 12 months.
While the Council of Mortgage Lenders (CML) has welcomed the announcement it has urged the government to "focus on the mortgage funding markets", as much as it has been on the "consumer-facing initiatives".
CML director general Michael Coogan said "Essentially this package is directed at the blockages in the housing market for some vulnerable consumers."
Mr Coogan has said that increased funding will help to restore long-term stability.
The Royal Institute of Chartered Surveyors (Rics) has also called for increased lending by "improving liquidity in the mortgage market".
Rics has also suggested that the government should introduce a complete holiday from stamp duty and a reform so that it operates in a similar way to income tax.
House Prices News posted on 02/09/2008 17:11:16
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