18 June 2010
NAEA: THREE BUDGET PLEDGES TO BOOST HOUSING MARKET
CHANCELLOR George Osborne should use his first Budget to boost the housing market, the National Association of Estate Agents (NAEA) said today.
The association set out three pledges that it has called on Mr Osborne to make in Tuesday’s Budget.
These are a commitment to hold a long term review of Stamp Duty, to ensure lending criteria for home buyers is sensible and responsible and to explore introducing fiscal incentives to attract more first time buyers (FTBs) into the market.
Chief executive of the NAEA Peter Bolton King said: “The majority of the housing industry recognises the dampening effect that stamp duty has on the market.
“This Government has already begun to tackle this issue by raising the threshold to £250,000. Now is the time to go further and review the fundamental inequalities at the heart of this tax.”
He added: “Responsible lending criteria is essential in a healthy, functioning housing market. We do not condone irresponsible lending. However currently, swathes of the population who could and should be in a position to own a property are being excluded by draconian lending criteria.
“The Government should work with major lenders to ensure that responsible people have access to appropriate credit.”
The National Association of Estate Agents also recommends that Mr Osborne look to America for inspiration on bringing more first-time buyers to the market.
The US Government introduced an $8,000 First Time Home Buyer Tax Credit last year which has been widely credited with dramatically boosting the housing market.
Mr Bolton King said: “Mr Osborne should not be too proud to use someone else’s idea. The evidence suggests that the US tax credit was worth billions to the housing market.
“A similar scheme here could encourage thousands of first-time buyers onto the housing ladder.”
ENDS
Editor Notes
About the NAEA
The National Association of Estate Agents (NAEA) is the UK’s leading professional body for estate agency personnel, representing the interests of around 10,000 members who practice across all aspects of property services both in the UK and overseas. These include residential and commercial sales and lettings, property management, business transfer, auctioneering and land. The NAEA is a sister organisation to the Association of Residential Letting Agents (ARLA), as is PropertyLive.co.uk, the UK’s only regulated property portal.
The NAEA is dedicated to the goal of professionalism within all aspects of property, estate agency and land. Its aim is to reassure the general public that by appointing an NAEA member to represent them they will receive in return the highest level of integrity and service in both sales and lettings, for all property matters. Both NAEA and ARLA members are bound by a vigorously enforced Code of Practice and adhere to professional Rules of Conduct. Failure to do so can result in heavy financial penalties and possible expulsion from the Associations.
For further information contact:
NAEA PRESS OFFICE Tel: 020 3128 8181 E-mail: press@nfoppmedia.com
