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Stamp duty relief fails housebuilders

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Chancellor Alistair Darling has announced that stamp duty land tax will not apply to purchases of residential property of £175,000 or less for one year from 3 September 2008. The current threshold is £125,000.

But Bartlett, in charge of the 21-office real estate company for two years, says the move will “not generate the impact needed to get the housing market and the UK plc back on track”.

He says: “This will have no impact on the London market and provide very little assistance to UK housebuilders as there are few homes built in this country for under £175,000.

“To make a real contribution to the health of the housing market and the economy in general, stamp duty should be withdrawn entirely for at least six months.”

Housebuilders have been among the hardest hit by the credit crunch and resultant economic downturn.

Other firms involved in the housebuilding process, such as brick companies and interiors specialists, have also been affected.

Related articleCredit crunch and the property market: where are we now?Picture source

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