Stamp duty confusion hits UK market

Ongoing confusion over the future of the UK stamp duty tax has had a direct impact on property sales, a survey shows.

Research by the National Association of Estate Agents (NAEA) shows a quarter of agents say a sale has fallen through as a result of the uncertainty.

Last week Chancellor Alistair Darling declined to rule out a suspension or scrapping of the tax as a measure to aid the UK market.

But the Treasury then issued a statement denying such a move was on the cards. Since then ministers have insisted a ‘number of options’ are on the table.

In other statistics, the NAEA research shows 92 per cent of agents think the chancellor’s actions have increased the concerns of consumers.

NAEA chief executive Peter Bolton King said:

“I understandably have been taking a plethora of concerned calls from members, some of whom are already starting to feel the impact this comment has had on ready and waiting purchasers.

“The result being people who have already agreed to purchase a property are now asking what they should do. Consumers are confused and with this uncertainty transactions in the market have been slowing and will continue to decrease.”

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