NAEA: Suspend stamp duty and cut interest rates

The National Association of Estate Agents (NAEA) has proposed a number of initiatives to strengthen the domestic property market.

According to the NAEA, over half of estate agents "do not have confidence" in the government's current policies and the association is urging the state to match the bravery shown by sellers who have slashed their asking prices.

Chris Brown, president of the NAEA, said sellers are "ripping up last year's price tags and beginning to come to terms with the new economic reality".

This economic reality could enable self builders up and down the land to pick up cheap plots.

As a show of unity with consumers, the government must also be brave by further cutting interest and suspending stamp duty, Mr Brown said.

In related news, the Federation of Master Builders has called for the government to make stamp duty a graduated tax.