Pre-Budget statement ignores Stamp Duty

The mortgage industry is united in being disappointed about Chancellor Gordon Brown ignoring calls for the Stamp Duty minimum threshold to be increased.

Mike Fry, director at Halton Insurance Services, says: “Chancellor Gordon Brown needs to do something about Stamp Duty. It seems odd that he mentioned homeowners without including anything about Stamp Duty.”

John Stewart, director at PMI Independent Financial Adviser, says: “The market is slowing down because of the measures the government has already taken, but if it is not careful it could kill the market. First-time buyers need assistance getting on the property ladder, however the message about Stamp Duty obviously isnt getting across. People cannot get on the property ladder and buy anything for under 60,000, the government is missing an opportunity.”

Andy Barr, spokesman for Chelsea, says: “We are surprised that Stamp Duty was not mentioned. The security of the housing market needs to be sorted out because people cannot afford to buy houses, and Stamp Duty needs to be sorted out.”

Mark Chilton, chief executive at Purely Mortgages, says: “Chancellor Gordon Brown elling the world that the number of homeowners has gone up by 1.2m from 1997 is not significant to first-time buyers. They could restructure Stamp Duty without any effect to the stock exchange, it is very disappointing for first-time buyers.”