POLL OF ESTATE AGENTS SHOWS STAMP DUTY ISSUE IS STILL CAUSING PROBLEMS IN THE MARKET

A second survey of members conducted by the National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), regarding the indecision caused by a possible Government Stamp Duty holiday announcement, shows that the crisis is still playing out in the housing market. In the last survey 92% of agents thought the indecision had increased consumers concerns, now 98% of agents believe that consumer confidence has been further damaged, with 56% of them saying they have lost at least one sale since the revelation was made.

Last time 26% of agents thought sales had fallen through as a result of the comments. Now agents go further with 32% saying that they have lost between two and three sales and 92% saying sellers, purchasers and applicants are still asking if they should hold off making a decision pending further information.

Peter Bolton King, Chief Executive, National Association of Estate Agents, said: “This just isn’t good enough. The housing market is in a very serious position and we need serious action. The figures show that it is agents and consumers that are bearing the brunt of this indecision and whilst we need a planned and managed response from the Government we also need it quickly!

“We have continually called on the Government to hold a roundtable discussion to find real solutions to Stamp Duty, the liquidity issue, first-time buyers and repossessions. However, disappointingly we have had no feedback. There is no point in trying to target one area in the hope of a ‘quick fix’. We need a coherent package of measures that will ease problems throughout the housing market.”