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'More needs doing' to help housing market

Wednesday, November 19, 2008 - 12:00

The majority of estate agents think that more needs to be done to help to kick start the housing market. A survey by the National Association of Estate Agents found that 54 per cent believed that measures such as suspending stamp duty need to be taken. They also feel that the Bank of England should cut interest rates even further to help people get a foot on the property ladder. Chris Brown, president of the organisation, said that "sellers have bravely accepted the truth of the situation and responded accordingly"."That is why we are calling for a further cut in interest rates next month, coupled with a clear commitment from the major lenders to pass any cut on to consumers and a suspension of stamp duty from Alistair Darling in Monday's Pre Budget Report," Mr Brown said. He added: "If hardworking men and women across the country are making sacrifices, the least that they deserve is the banks and government to stand shoulder to shoulder with them."Figures from the Council of Mortgage Lenders shows the temporary increase in the stamp duty threshold saw 51 per cent of homebuyers avoiding stamp duty in September. 

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