Mullucks Wells
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Latest Optimism for Property Market Dampened by Government's Indecision on Stamp Duty
Following the release of the Royal Institution of Chartered Surveyors (RICS) July survey, Peter Bolton King, Chief Executive of the National Association of Estate Agents (NAEA), said:
"The latest report from RICS highlights that agents and consumers are still struggling in the current climate. However, despite this fact, the report as a whole shows some tentative signs that the decrease in housing transactions is likely to start to stabilise over the months ahead and that there may be some marginally better conditions in the market place in the near future. Indeed, these figures confirm the findings from our own survey that whilst transactions are still low the market is showing signs of levelling out.
"However, whilst aspects of this report are encouraging, I remain concerned that the optimism for the next few months may be scarred by the current uncertainty regarding stamp duty. The confused messages being sent out by the Government will undoubtedly have an impact on consumer confidence."
Mr Bolton King went on to say "Instead of the Government formulating a careful plan outlining their thoughts clearly and concisely with a clear time frame in mind, this comment was simply made off-the-cuff. This is not particularly helpful in the current climate. It seems that there had been little regard to how this speculative comment might impact on what is already a delicate market."
"The Government needs to clear up this uncertainty as soon as possible to help minimise the disruption to the market place and help the British economy move forward."
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