The Council of Mortgage Lenders has called on the Chancellor not to allow the Stamp Duty holiday for first-time buyers to expire on March 24.

It said in a pre-Budget submission: “We are now likely to see an unhelpful bunching of activity prior to the concession’s expiry, followed by a dip.“Our data suggests that this pattern is already under way.“At a time of economic fragility, the loss of the Stamp Duty concession risks having a disproportionate negative effect on household sentiment, which we believe it would be best to avoid.

”The CML also called for a general reform to Stamp Duty, saying that the tax has fundamental flaws in its structure.The CML also voiced criticisms of reforms to housing benefit, saying that these would lead to mounting rent arrears for social landlords, with a consequent impact on their cash flows.

Story Courtesy of Estate Agency Today