Housing market on the "road to recovery"

Date:Monday 2nd November 2009
Author: Susanna Kavka

The housing market has started on the "road to recovery", according to one sector commentator.

Lorraine Giddings, head of the Nottingham's branch network, made her comments as the financial services provider urged people thinking about taking out a mortgage and purchasing a home worth up to £175,000 to act sooner rather than later.

The company said that a lot of consumers could face unwanted stamp duty if the government elects to reintroduce the tax next year.

Ms Giddings stated that the government is in a "difficult position" because on one hand, it requires the revenue that stamp duty generates.

"On the other, the housing market is at the beginning of a long road to recovery and any decision to reintroduce stamp duty could hinder progress," she added.

In recent days, Peter Bolton King, chief executive of the National Association of Estate Agents, said that the government should extend the current stamp duty holiday in order to aid the housing market's recovery.