Wednesday, March 23, 2011
Wendy Evans-Scott, President Elect of the NAEA said: "The
Chancellor's help for first time buyers is a good gesture towards
re-starting the stalling property market. However, it is nothing
more than a gesture - the focus on new build properties, rather
than incentivisation across a broader spectrum of property, means
there will still be little upward momentum in the market. While the
measures aimed at first time buyers must be welcomed, it is
unlikely that they will provide the kick-start that the housing
industry badly needs.
"The review of Stamp Duty, for which we have long-campaigned, is a
positive step and we believe the Chancellor is right to address
planning laws and change of property use. However, without the
ability to overcome the substantial capital barriers that are
currently restricting property ownership, the market will stagnate
in 2011. Such a stagnation has wider implications for the economy
as it restricts the flexibility of the workforce and the ability of
families to own the homes they need as they grow. Encouraging
first time buyers back to the market is an important first step,
but it is just that - a first step on a long road to recovery."