The stamp duty property tax holiday period currently in place until the end of the year should be extended.

At least that is the view of National Association of Estate Agents president Gary Smith, who has suggested that reverting from the £175,000 threshold to one of £125,000 would have negative implications for the whole property market.

He said that it would be "a short-sighted policy"to change the property tax threshold back to the level it was in 2008 as recent housing sector momentum could be lost.

"We can only hope that common sense will prevail and that the government will raise the lowest level at which stamp duty will apply to £175,000 for an indefinite period,"Mr Smith explained.

The government announced the so-called stamp duty holiday in 2008 as the UK moved into a period of recession. The aim of the policy was to encourage more people to buy property during a tough economic period.

In April this year, chancellor Alistair Darling said that the threshold would remain at £175,000 until the turn of the year.

Written by Sarah Field
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