NAEA calls on Government to reform stamp duty

Following the release of the Halifax house price index today, Peter Bolton King, Chief Executive of the National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), said: "The Halifax house price index shows that the situation for first time buyers is serious. First time buyers have been hit hard with a triple whammy, of saving for Stamp Duty, a big deposit (due to the mortgage markets) and a lack of confidence.

"The government can no longer afford to just sit on its hands with regards to Stamp Duty and we call on the housing minister again to abolish stamp duty for first time buyers and move the thresholds up to ease pressure throughout the market and restore confidence.

"In addition, we continue to call on the Bank of England to increase liquidity in the markets to encourage mortgage lenders and control the credit situation."