Commenting on the Government's housing measures, RICS spokesperson James Scott-Lee said: "The Government has failed to listen to the property industry and respond to market pressures and their proposed measures will have little impact on those suffering as a result of the current crisis. Action to increase lending by improving liquidity in the mortgage market is essential as part of a coherent package of measures alongside help for first time buyers and protection against repossession. Without making it easier to get a mortgage, the Government is doing no more than tinkering around the edges of the housing market downturn."
A one year stamp duty holiday could provide some much needed relief for first time buyers currently struggling in the current market. However, 9 out of 10 of total transactions will be unaffected by the band movement. The move will have little impact in London where the average price a first time buyer pays is around