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The Autumn Budget: an overview

Friday 22 September 2017

NAEA Propertymark has submitted its views to the Treasury ahead of the Autumn Budget 2017, calling on the Government to exempt first-time buyers from paying stamp duty and give incentives to downsizers in order to encourage them to move.

Lower incomes for younger people since the 2008 financial crash, combined with limited access to mortgage finance, means that homeownership rates amongst young people are declining. NAEA Propertymark’s monthly Housing Report shows that the proportion of sales made to first-time buyers fell from 30 per cent in June 2017, to 23 per cent in July 2017.

September 2016 also saw first-time buyer levels at 23 per cent, with November 2015 as low as 21 per cent of sales. To encourage more people into home ownership, NAEA Propertymark believe that the Government should exempt first-time buyers from paying stamp duty.

Under occupancy is a key element of the housing challenge that the Government faces and pensioners wanting to downsize to a smaller home should also be exempt from paying stamp duty. In 2015, NAEA Propertymark released the Housing 2025 report which outlines that 1.1 million households in England and Wales (4.5 per cent of the total) were overcrowded. Whereas, 16.1 million households (69 per cent of the total) were under occupied. By making it easier for older people to sell their homes, it will free up family-sized homes for the next generation and boost housing supply. The Government should also explore additional incentives such as access to over-65s bonds with market-beating returns for downsizers.

To further boost housing delivery the Government should remove the 3 per cent surcharge on additional homes and buy-to-let properties. NAEA Propertymark would also like the Government to extend the Help to Buy equity loan scheme beyond 2021 for first-time buyers only, as well as introduce a scheme to support the purchasing of pre-owned property.

NAEA Propertymark has also reiterated its call for the regulation of estate agents, improve guidance around the Consumer Protection Regulations, and the need for stringent codes of practices to ensure that event fees are brought to the attention of prospective buyers.

The Chancellor of the Exchequer will present his Autumn Budget to Parliament on 22 November 2017.

View our full submission

View the NAEA Propertymark Housing Market Report – August 2017