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CML rues stamp duty missed opportunity

The Council of Mortgage Lenders says the Government’s decision not to extend the stamp duty holiday is a missed opportunity.

Properties under £175,000 have been exempt from the tax but the threshold is due to return to the £125,000 limit next year.

Darling claims the holiday has helped 240,000 homebuyers but the CML says the decision represents another missed opportunity by the Government.

It says the Government should consider the introduction of revenue-neutral reform that would have removed market distortion.

A CML spokesman says: “We are disappointed although not surprised, that the current stamp duty holiday will cease at the end of this year.

his represents another missed opportunity. More fundamental reform of this tax, which continues to distort the housing market, is still needed.”

First Action Finance head of communications Jonathan Cornell says: “I would imagine there will be a lot of very busy homebuilder firms and estate agents trying to finalise sales between now and the new year.”

But CML director general Michael Coogan says the CML welcomes the extension of the mortgage interest support scheme.

He says: “A state safety net is a vital part of the picture and we welcome the announcement of no change to the rate of support for mortgage interest at 6.08 per cent.”

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