Commenting, he said: "The fact is that without the major lenders passing on this cut, and without stronger commitment from the Government to fully address the problems of the housing market this cut is practically an exercise in spin.
"The MPC and the Government continue to pat themselves on the back while hardworking families across the country increasingly fear for their futures.
"What is particularly frustrating is that it is evident that there is a pent up level of demand among first time buyers that if released could provide the stimulus needed to kick-start the housing market.
"If the major lenders commit to passing on this cut, and the Government suspends stamp duty, we could open the door to recovery."
