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| News » Residential Property Law » Cut interest rates and suspend stamp duty, NAEA says |
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19/11/2008
Cut interest rates and suspend stamp duty, NAEA says |
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The National Association of Estate Agents (NAEA) is calling for the government and lenders to show some bravery to boost the residential property market.
A suspension of stamp study and further interest rate cuts are two ways that the government can match consumer bravery, which has seen asking prices slashed by sellers, the association said.
The NAEA claimed 54 per cent of estate agents "do not have confidence" in the government's current policies.
Chris Brown, president of the NAEA, said sellers are beginning to understand the economic situation and are acting accordingly.
As a result he is calling for "a further cut in interest rates next month, coupled with a clear commitment from the major lenders to pass any cut on to consumers and a suspension of stamp duty" in the Pre-Budget Report.
Meanwhile the Federation of Master Builders is asking for the state to reform stamp duty to make it a graduated tax. |
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