Stamp duty move 'too late'

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The government's stamp duty movement is "too little too late", one independent mortgage expert has said.

John Charcol claims the government's indecision has caused the housing market to "splutter" over the course of the past few months.

The Chancellor of the Exchequer today announced stamp duty land tax will no longer apply to purchases of residential property for £175,000 or less.

A statement released by the treasury said the move would provide an exemption from stamp duty for land transactions consisting entirely of residential property where the chargeable consideration is not more than £175,000.

The relief is effective for purchases completed on or after September 3rd and before September 3rd 2009.

"Yes, it will help a small minority of people, but the issue lies more with mortgage lenders and their 'shut up shop' attitude to lending above certain loan-to-values. The government needs to address this situation above all others," says Ray Boulger of the firm.

John Charcol was formed in 1974 and a three-way partnership between John Garfield, Charles Wishart and Colin Studd and claims to have since grown into one of the nation's leading independent mortgage advisors.

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