The Federation of Master Builders has sided with Boris Johnson in his call to cut stamp duty, in a move it says will clear the way for developers to tackle the housing crisis.
The mayor of London told the Evening Standard cutting stamp duty would “reduce the price of a home and stimulate the market”, calling on George Osborne to axe stamp duty on new developments.
FMB services director for London Neil McQue said: “It is fantastic that senior politicians such as the Mayor of London can see the importance of stimulating the economy and the housing market by clearing the way for developers to build the new homes London, and the UK, so desperately needs.
“I just hope George Osborne pays heed and announces some practical measures to get Britain building again.”
“Cutting stamp duty is just one of a raft of measures politicians should be deploying to tackle this crisis. We need councils to free up land to build on and a reduction in red-tape which unfairly penalizes smaller developers and blocks many new projects.”
The trade association says it is working closely with London authorities to locate new sites for development.