The Council of Mortgage Lenders is calling for the Stamp Duty break for first-time buyers to be extended beyond March 24 amidst fears of a spring slump. The CML also expressed concerns that overall lending for house purchase will fall this year in any case.

The CML says that it fears a distortion in the market, with a damaging fall in activity after the exemption ends, and argues that it would cost little to keep the break going.