Wednesday, September 3, 2008
Even industry experts think it’s a bad idea
Gordon Brown attempted to revive the flagging housing market - and his own political fortunes - yesterday with a £1.6 billion rescue package that included a surprise suspension of stamp duty, but experts said the move was merely “sticking plaster” and some even thought it could make things worse. The announcement backfired after Alistair Darling, the Chancellor, refused to say how the Government would finance the £600million cost. Alex O'Connor, the head of London real estate at the law firm McGrigors, said: "Until problems in the mortgage market are resolved these kinds of measures are just sticking plasters. Until mortgage flow increases, I can't see the situation improving.” His comments were echoed by housing experts across the board.