PBR 'stamp duty failure' for FTBs

25-Nov-2008

First time buyers (FTBs) could have been given a real boost if chancellor Alistair Darling had announced measures to suspend stamp duty in his pre-budget report (PBR).

However, his failure to include such a policy constitutes a missed opportunity to tackle problems in the housing market caused by the economic downturn, according to Peter Bolton King, chief executive of the National Federation of Property Professionals (NFPP).

Mr Bolton King noted that there has been a "clamour of professional opinion" in support of action on stamp duty.

"A suspension would have given a real boost to FTBs, who everyone recognises are key to market recovery," he added.

The NFPP has now urged the government to implement recommendations from the Crosby report ahead of schedule and to consult with property professionals before the full Budget is announced.

A cut in value added tax from 17.5 per cent to 15 per cent is a key component of the PBR, which the government hopes will boost affordability and encourage consumer spending.

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