Stamp duty holiday has cost just 0.1% of bank bail out

Michael O’Flynn, Director of FindaProperty.com, said:

“The stamp duty holiday has already benefited many first time buyers and this has contributed to the upturn in the housing market, with prices stable or rising for the sixth consecutive month. Extending the holiday beyond 31st December and making it applicable to all properties under £250,000 would provide an important impetus to the fragile housing market and a welcome shot in the arm for the economy.

“The Government must have the courage of their convictions and stand by this initiative. The housing market recovery is still in its early stages and the removal of this tax relief now could negate any headway that has been made over the past few months. The cost to the Chancellor has been a drop in the ocean compared to other spending to help improve the economy, but the difference it has made to market confidence is significant.

“We urge the Government to rethink their plans regarding stamp duty tax for the good of the market recovery."

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*source: Halifax