The National Association of Estate Agents (NAEA) is angry that the Chancellor has once again side-stepped the real issue in the housing market.
Peter Bolton King, NAEA Chief Executive, said, "We have made repeated calls for a full revision of stamp duty. Recent reports show that the average stamp duty bill for first-time buyers has almost doubled over the last five years and total stamp duty revenue from residential property sales in the UK rose by 40% in 2006/07 to a record £6.4bn. This is taxation gone mad! This government needs to realise that the housing market is slowing and the gravy train is over. This was an opportunity for the Chancellor to give the housing market the boost it really needs to keep the market moving but he has failed the British home-owner again."
