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Freeze on stamp duty fails to kick start housing market

11/09/2008

Welsh estate agents said that despite the freeze on stamp duty the house market has failed to pick up.

It is thought that recovery on the housing market could be a long way off unless the Government does something to help with the availability of mortgages.
Property sales in August have fallen to low in August, which has had an impact on the number of mortgages available and applied for by homebuyers.

Tony Filice, welsh spokesman and a director of Kelvin Francis estate agents in Cardiff said, “The Government has addressed a section of the market that hasn’t had any impact whatsoever. If they act now on mortgage liquidity, we could see a turnaround within three to six months because there are a lot of people sitting on the fence waiting to come into the market.

“If the Government does not act on mortgage liquidity, then I am afraid we have more of the same to come. The market will always turn at some point and confidence could return naturally, but that would take longer, upwards of a year.”


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