Stamp Duty is basically a government tax which is paid by House purchasers when they buy a property.
The amount to be paid is dependent on the property price.
Currently, the property stamp duty threshold is £125,000.
You pay 1% for homes worth between £125,000 and £250,000; 3% on homes worth £250,000 and £500,000; and 4% on properties worth £500,000 or more.
Today, the Chancellor Alistair Darling hinted towards the suspension of Stamp Duty as a possible political means of easing the troubles in the Property Market.
Darling said, "It's important that we are straight with people.
We are going through a tough time and that's likely to continue for a while.
The key is to do everything we can to help ourselves and others to get through it.
I am looking at a number of measures and I am not going to be drawn on that today because we have not concluded what exactly we need to do.
It is helping people that is important.
I want to look at a range of options that will help people," the chancellor said.
I applaud the Chancellor for taking action but I'm afraid that removing stamp duty will have little or no effect on the UK property market.
Speaking from experience I've yet to see a house move fall through because of Stamp Duty.
Also, as with any market, its sales at the bottom of the Christmas Tree that hold up the whole structure.
Investors buy up the lowest properties at the sub £100,000 level.
These people go onto buy houses from £100,000 to £150,000 and these people buy at £150,000 to £200,000.
As we go up the Christmas tree we'll find some downsizers and some desperate sellers who have hit hard times but the general trend continues.
Therefore in order to kick-start the housing market, why does the government not buy up all the ex-council houses that are on the market? This would allow the housing market to get shaken up with the government helping those at the bottom of the ladder to move upwards and onwards thereby creating a ripple throughout the whole country.
Or how about this? The government could guarantee 2006 prices to those at the bottom of the ladder.
This puts a stop-loss on the whole market, and would therefore allow banks to adjust their risk levels and get back to lending again.
Most of the uncertainty at the moment surrounds how far prices will fall.
I won't go too far into how the government could fund such programs but I'm sure it's something that a few less Tridents could easily solve.
A gesture such as this would have a huge effect compared to the suspension of Stamp Duty.