NAEA calls for stamp duty to be scrapped

Stamp duty should be abolished for first-time buyers and have its threshold adjusted, the National Association of Estate Agents (NAEA) has urged.

Members of the organisation have reported low consumer confidence in the property market caused by rising living costs and the credit crunch.

Chris Brown NAEA president claims for confidence to be restored the government, Bank of England, mortgage lenders and other bodies need to work together.

"We are continuing to call on the government to cut stamp duty for first-time buyers and move the threshold to give people a break," he said.

However, the organisation has noted a rise in the number of homes sold to first-time buyers with sales in this sector accounting for 11.8 per cent of total property sales, up from 10.6 per cent in May and 9.8 per cent a year before.

Stamp Duty is currently levied at one per cent for properties priced between £125,000 and £250,000.

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