NAEA in stamp duty plea

The National Association of Estate Agents (NAEA) has urged the government to take more action to help those trying to get on the housing ladder.

Responding to a Royal Institution of Chartered Surveyors (Rics) survey showing that the average upfront cost for couples on lower-quartile earnings before buying is now above their annual earnings, NAEA chief executive Peter Bolton King said the government should act on stamp duty.

He commented: "We call on the housing minister again to abolish stamp duty for first-time buyers and move the thresholds up to ease pressure throughout the market and restore confidence."

In addition to this, Mr Bolton King urged the Bank of England to do more to ease liquidity.

Rics also argued yesterday for changes to the tax, advocating a "marginal" system that would add more flexibility to the level of stamp duty charged.

One way to avoid stamp duty altogether is to use the self build method.