Commenting on the CML figures released on first time buyers and stamp duty, National Association of Estate Agents (NAEA) President Gary Smith said: "The NAEA members have reported a year on year increase in first time buyers to the housing market - accounting for 22% of the market in October 2009, up from just 10% in October 2008. First time buyers are the critical foundation level of the housing market. We can see from both the CML and NAEA figures that, with their return, the housing market is in tentative stages of recovery.
"The Government, at the very least, must extend the Stamp Duty holiday that is currently scheduled to end in December.
"The danger is that this short-sighted policy could precipitate an unwelcome pause in the housing market at the start of the New Year. 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."
