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‘Cut rates and suspend stamp duty’ call the NAEA

‘Cut rates and suspend stamp duty’ call the NAEA

Category: Mortgages

Updated: 19/11/2008
First Published: 19/11/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Within the property market, the majority of professionals feel more has to be done, by the governments and by lenders, to boost the flagging housing market.

54% of estate agents surveyed feel no confidence in the Government policies and, along with suspension of stamp duty and a further cut to the Bank of England base rate, feel more must be done.

Consumers on the other hand are starting to play their part by cutting their asking price. The most difficult decision for a seller to make, but already this is helping the market.

President of the National Association of Estate Agents, Chris Brown said: "Sellers are beginning to face up to the reality that their houses are not worth as much now as they were 12 months ago. They are ripping up last year's price tags and beginning to come to terms with the new economic reality.

"That is a difficult thing to do - but the silver lining is that the market is now more transparent for buyers. Prices are becoming realistic, and we hope that this provides the boost needed to encourage those families who so desperately want to buy houses to get onto the market.

"However, as sellers have bravely accepted the truth of the situation and responded accordingly, so now must the Government and the major lenders.

£That is why we are calling for a further cut in interest rates next month, coupled with a clear commitment from the major lenders to pass any cut on to consumers and a suspension of Stamp Duty from Alistair Darling in Monday's Pre Budget Report.

"If hardworking men and women across the country are making sacrifices, the least that they deserve is the banks and Government to stand shoulder to shoulder with them."

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