Stamp duty holiday call made

Those keen to take out a mortgage to buy a home may benefit from an extension of the stamp duty holiday if one backbench Labour MP gets his way.

Lindsay Hoyle MP has sponsored an early day motion noting that the raising of the threshold for the one per cent rate has been useful in aiding the recovery of the property sector.

However, this is due to expire at the end of this month and the motion calls for “the government to extend the stamp duty exemption in order to stimulate the housing market further and to help the economy grow in 2010”.

Such pressure from within his own party may prompt a change of policy from chancellor Alistair Darling, who introduced the holiday in September 2008 and has already extended it once, having originally intended the period to last one year.

The notion of an extension into next year was welcomed by chief executive of the National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents Peter Bolton King.

He said that an NAEA poll shows 91 per cent of estate agents want the £175,000 threshold to stay indefinitely.

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