Assetz: Stamp duty move not enough

Stuart Law, managing director of Assetz, says the decision to scrap stamp duty for properties under £175,000 is just not \"radical enough to bring about a change of fortune on the housing market\".

Although in general welcoming the moce, Law says that the government needs to tackle the root cause of the UK’s current economic problems, instead of trying to win votes with sound bites.

He adds: “Bringing about a change of sentiment in the housing market is the key to reversing its fortunes.

“Radical measures are needed, including assistance with getting the mortgage funding market started again (whilst not incentivising sub prime lending and unrealistically high loan to values), a year-long stamp duty holiday for all properties under £250,000 followed by long term reform of the tax, and the cancellation of HIPs while the Government assesses what went wrong.”