Although transaction activity remains subdued RICS members are remaining positive on stamp duty exemption for first-time buyers.

In the latest RICS Housing Market Survey, RICS asked specific questions on stamp duty to assess the impact the stamp duty exemption might have on property transactions.

89% of respondents across the UK agreed the stamp duty holiday should be maintained by the new Coalition government.

85% of respondents believe the new incentive will boost transaction activity by up to 10%. One in 10 suggested that the increase in sales would be in the region of 11% to 20% with the remainder anticipating a gain in excess of this.

59% said the first time buyer stamp duty holiday should be maintained even at the cost of the higher rate on properties worth more than £1 million.