The government should impose still more radical policies to boost the housing market, an industry website suggests.
The government's move to abolish stamp duty is a flop, industry website Moveme.com has claimed.
New plans unveiled by communities minister Hazel Blears earlier this week revealed that stamp duty for homes worth £175,000 and under is to be suspended for the next year, in a bid to encourage more people to buy property. Recent figures from the Bank of England have shown that, thanks to the credit crunch and falling house prices, mortgage approvals numbers are running at 70 percent below those of a year ago.
Further proposals announced by Ms Blears include a £1 billion building scheme to boost the number of social housing properties, and extra help for people facing repossession.
However, a poll from Moveme.com shows that just two out of ten people are "encouraged to move home" by the stamp duty suspension. A further 73 percent said that they "do not believe" that the move would boost the property market.
Keith McNeilly, co-founder of Moveme.com, said: "The government's rescue package, released this week, has failed to meet the expectations of much of the industry and aspiring home buyers. While a revision to a lower stamp duty band is welcome, the government has not gone far enough to make any significant impact on our ailing property market.
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