Government stamp duty 'dithering' causes drop in house sales
Wednesday, September 24, 2008
The Government's dithering over its position on stamp duty prompted a drop in the number of homes sold last month, according to the National Association of Estate Agents.
Sales per estate agent fell to just five on average in August, down from six the previous month and half the number of that in August last year.
Estate agents said the slump was due to buyers stalling before clinching the deal, as they held out to see what would happen with stamp duty.
More than nine out of 10 agents polled by the NAEA said government dithering had led to greater uncertainty.
Chris Brown, NAEA president, said: "August was...a month of indecision and this evidently has had a profound effect on the market, as many consumers adopted a 'wait and see' attitude while waiting for a decision from the government on stamp duty."
Reports last month that the Government was planning a temporary suspension of stamp duty on all house purchases were neither confirmed nor denied by officials.
Read more at Telegraph property news
Sales per estate agent fell to just five on average in August, down from six the previous month and half the number of that in August last year.
Estate agents said the slump was due to buyers stalling before clinching the deal, as they held out to see what would happen with stamp duty.
More than nine out of 10 agents polled by the NAEA said government dithering had led to greater uncertainty.
Chris Brown, NAEA president, said: "August was...a month of indecision and this evidently has had a profound effect on the market, as many consumers adopted a 'wait and see' attitude while waiting for a decision from the government on stamp duty."
Reports last month that the Government was planning a temporary suspension of stamp duty on all house purchases were neither confirmed nor denied by officials.
Read more at Telegraph property news
Labels: Housing market, National association of estate agents, Stamp duty changes
