The National Association of Estate Agents (NAEA) and the Association of Residential Letting Agents (Arla) have welcomed a call by backbench Labour MPs to extend the current stamp duty property tax holiday.

An early day motion has been issued - and it comes after the NAEA and Arla have joined other property organisations in forming the 1808 Coalition to lobby the government to keep the property tax threshold at £175,000 in the new year.

From the start of 2010, properties bought for prices between £125,000 and £175,000 will carry a one per cent levy.

NAEA chief executive Peter Bolton-King said the housing market has started to recover after significant dips in the last two years.

"If the stamp duty exemption is not extended at this fragile point of recovery, we fear that months of work will instantly unravel causing a great deal of damage to the market,"he added.

The National Landlords Association, which represents the private rented sector, is also part of the stamp duty coalition, as are the Association of Mortgage Intermediaries, the Building Societies Association and others.

Written by Sarah Field
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