Stamp duty kerfuffle 'is not good enough' Published: 29/08/2008

Anxiety over the impending future of stamp duty is damaging consumer confidence in an already fragile housing market, research has suggested.

During a recent interview on the BBC's Today programme, chancellor Alistair Darling hinted that a temporary cessation of stamp duty was being considered to kick-start the stagnant housing market.

However, a survey by the National Association of Estate Agents (NAEA) found that 92 per cent of agents believe that indecision on this issue has generated concern among consumers.

Equally, 98 per cent believe that consumer confidence has been hit by the delay of firm action and 56 per cent feel that they have lost out on the conclusion of a property for sale due to this.

Peter Bolton King, NAEA chief executive, said that "this just isn't good enough" and added that "the housing market is in a very serious position and we need serious action".

"The figures show that it is agents and consumers that are bearing the brunt of this indecision and whilst we need a planned and managed response from the government we also need it quickly!" he said.

Mortgage provider Nationwide recently reported that average property prices fell by 1.9 during August to settle at £169,654.

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