Call for suspension of stamp duty

Chris Wood, President-Elect of the NAEA, said: "The Chancellor must realise that the housing market is not a piggy bank for his personal use - the gravy train is over and stamp duty cannot be used irresponsibly to boost his coffers.

"The bill for first time buyers has more than doubled in the last five years, making it impossible for many young people to start their own home. As it stands, stamp duty is a tax on aspiration - disappointing during an economic boom but unforgiveable in a faltering economy.

"We have made repeated calls for a full revision of stamp duty, and the stakes have never been higher. The Chancellor must take this opportunity to give the housing market the boost it needs.

"We now call on the Government to suspend stamp duty and hold a full review into making the system work better for the consumer. That is a discussion at which NAEA would be very happy to sit at the table."