Chancellor Alistair Darling has hinted that the government might suspend stamp duty.
Reacting to the news, the National Association of Estate Agents (NAEA) said this would be a step in the right direction.
Advocates of a stamp duty holiday say this would reduce the financial burden on
first time buyers and kickstart the housing market.
The indication that ministers are looking to suspend stamp duty is "very encouraging", said the NAEA in a statement.
"It is great to see that the government has realised that the current circumstances facing the housing market are not going to simply disappear."
Homebuyers currently pay one per cent stamp duty on homes bought for £125,001 to £250,000.
This rises to three per cent on homes costing between £250,001 and £500,000, and four per cent on properties bought for at least £500,000.
See Also: Property News (2514)
Date Published: 06 August 2008
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