The Treasury is heading for a £5bn Stamp Duty shortfall due to falling property prices, new research by the Liberal Democrats has found.
Commenting, Liberal Democrat Treasury Spokesperson, Lord Oakeshott said:
"Gordon Brown let Britain’s house party get out of control. Now Alistair Darling has been left with a £5bn Stamp Duty hangover.
"The Chancellor had hardly sat down on Budget Day before the housing market fell off a cliff in early April.
"Britain’s mortgage famine, after the wild feast led by Northern Rock, means most house sales are now forced and at knock-down prices. In this horrible market you only sell if you have to.
"Commercial property transactions have halved this year and prices are down 15%."
Today, there was further confirmation of a fall in house sales and news that the average price of a home in Wales had fallen to £137,000.