The Royal Institution of Chartered Surveyors has warned that the end of the stamp duty holiday is likely to blight signs of recovery in the housing market.
The lower threshold for stamp duty was raised from £125,000 to £175,000 to give the property market a boost, but from 1 January 2010 the starting point will return to its previous level.
RICS experts are concerned that in regions of the UK where housing activity is particularly weak – such as the East and West Midlands, and also in Wales and Scotland – the market will grind to a virtual standstill. They say that any rise in the cost of purchasing a property will act as a deterrent to potential buyers, and threaten the recovery of the market in these regions.
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