12 February 2010

NAEA REPONSE TO LATEST CML FIGURES

In response to the latest repossession statistics from the Council of Mortgage Lenders, Peter Bolton-King, Chief Executive of the National Association of Estate Agents (NAEA) comments:

“The Stamp Duty Holiday has been a source of respite for beleaguered buyers who have been trying to achieve something that should be available to as many people as possible – to own their own homes. These new figures confirm what our agents have been telling us - the buyers are out there but they just cannot get that first foot on the property ladder because of the amount of money required up front.

“Stamp Duty remains a persistent and pernicious barrier to entry for many first time buyers. The sums of capital demanded by the banks and the Government are simply too daunting to overcome. Making Britain’s most unpopular tax fairer and more manageable should be a primary goal for the Government both now and after the General Election.

"The evidence from the U.S – Obama’s tax incentives for FTBs – and now the UK data is irrefutable. I hope the industry can now move forward to working with policy makers to create a more manageable solution that benefits buyers and helps to restore confidence to the residential property market.”

ENDS

Editor Notes

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