There are many aspects of life in which there are winners and losers and none more so than the current crazy property market where even existing owners appear to be winners yet are often losers.

For example, if someone owns a semi-detached property, it doesn't really matter whether it sells for £50,000 or £150,000 - all the money will buy is a similar property.

However, if the owners aim to move up-market into a detached property, at the higher price range, the gap between the values of the two types of property is considerably widened.

The winners are the agents, surveyors, valuers, solicitors and others involved in the sale and purchase of properties who obtain larger commissions and fees.

The losers are first-time buyers and those with modest or even average incomes hoping to move into high-priced areas. These include people involved in education and health and many others who provide vital services to the community.

The real winner is the Government which obtains VAT on the increased commissions and fees and, particularly, on Stamp Duty collected on the purchase of all properties selling at more than £60,000. In the South East, that amounts to virtually every property. It collects a massive two per cent on sales of more than £250,000.

Surely, if it has any concern at the plight of people with modest incomes, the Government should substantially raise the base upon which Stamp Duty is levied.

-Denis Edwards, Penstone Park, Lancing