According to recent reports, estate agents have welcomed news that the government will cut stamp duty for a year. Although other sectors have said that the government needs to do more, the threshold increase of one per cent stamp duty from £125,000 to £175,000 is being praised by estate agents.
Estate agents in some areas have commented that although the move is positive, a further extension of he threshold would have been more effective. Although many estate agents are suffering, with very few property buyers currently on the market, this type of measure may help to generate sales.
The problem lies in the difficulty in getting a mortgage loan, and experts say that banks and building societies need to relax criteria in order to reinvigorate the ailing housing market . Average house prices have fallen by over 10 per cent in the last year.
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Estate agents praise stamp duty cut Fri, 05 Sep 2008
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