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Stamp duty reversion has little effect

The ending of the reduced rate of stamp duty has had little effect on the Northern Ireland housing market according to the latest RICS figures. The Royal Institution of Chartered Surveyors survey found that more prices fell than rose during December 2009. It also expects house prices to remain at the same level for the next three months.

The rate at which Stamp Duty Land Tax applied reverted back to £125,000 from £175,000.

More than two thirds of respondents to the survey, 69%, reported stability during the final quarter of 2009, saying that prices had neither risen nor fallen. Most other respondents, 23%, said that prices fell by up to 2% in the period, with others reporting marginal price increases, or larger falls.

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