22 April 2009
NAEA: RESPONSE TO BUDGET
Commenting on Alistair Darling’s Budget today,
Peter Bolton King, chief executive of the National Association of Estate Agents, said: “The housing market is the engine of the UK economy and it is likely that this Budget will be remembered as largely ineffectual given the magnitude of the problem.
“There is very little here for first time buyers, who need more encouragement to climb onto the property ladder – which will get everything moving.
“Mr Darling has used a water pistol to try to put out a fire.”
On the extension of the £175,000 StampDutyLand Tax threshold, Mr Bolton King said: “Merely extending the stamp duty threshold is disappointing. Mr Darling had a real opportunity to get rid of this hated tax, which is seen by many as a tax on aspiration. Since the threshold was introduced last Autumn it has helped just one third of first time buyers.
“In this difficult economic time, Mr Darling could have seized the opportunity to encourage first time buyers to the market and to send a signal of confidence that may have reverberated around the economy.
“Instead he has tried to choose a path to please everyone, which I suspect will please no one.”
On the announcement of the Homeowner Mortgage Support Scheme, Mr Bolton King said: “This scheme has taken months to come to fruition since it was announced last November and thousands of people have had their homes repossessed in the meantime. It is a scheme which is to be welcomed for the support it will give to homeowners.
“However more detail is needed on those major lenders that have not signed up for the Homeowner Mortgage Support Scheme but have promised to set up similar schemes of their own.”
On the announcement of a package of Government guarantees on more than £50bn of new mortgage backed assets, Mr Bolton King said: “The National Association of Estate Agents called on the Government to do more to boost liquidity in the market and we welcome this measure.
“Our figures show that there is a huge demand for property that is being frustrated because responsible people do not have access to appropriate levels of finance.
“Hopefully this measure will go some way to alleviate that, and I would just call on the Government to monitor carefully that this measure has gone far enough and step in if it isn’t.”
Editor Notes
Editor Notes: About the NAEA
The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), 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 National Association of Estate Agents 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. Each NAEA member is bound by a vigorously enforced Code of Practice and adheres to professional Rules of Conduct. Failure to do so can result in heavy financial penalties and possible expulsion from the Association.
Contacts
For further information contact: NFOPP PRESS OFFICE Tel: 020 3128 8181 E-mail: press@nfoppmedia.com Follow Peter Bolton King on Twitter at
www.twitter.com/peterboltonking
