A survey of Irish mortgage brokers has found they believe a cut in stamp duty in the Budget would be more effective than raising mortgage interest relief.

The brokers were asked how the Government should respond to the current economic circumstances.

The survey, which reflects the views of 300 brokers, was conducted by IIB Bank and the Independent Mortgage Advisers Federation.

Those surveyed do not foresee a pick up in the housing market in the next three months.

When asked what Finance Minister Brian Cowen should do in the Budget, the brokers said the number one priority should be to ensure the economy remains healthy.

It is expected the Minister will increase mortgage relief on Wednesday and is unlikely to cut stamp duty.

Only a small number of brokers believe adjusting relief will change the property market. One in three feel cutting stamp duty is the most effective measure.