Thursday, March 15, 2012
The National Association of Estate Agents (NAEA) today urged the
Chancellor to guarantee no new property taxes in this Parliament
ahead of next week's Budget.
NAEA President Wendy Evans-Scott said: "Property in the UK is
already over-taxed compared to our European neighbours*, and the
market is struggling to recover from the economic slow-down. The
heavy tax burden on homeowners as well as a lack of housing supply
is stifling the market.
"Concerns amongst potential buyers about the size of deposits
needed, mortgage availability, levels of stamp duty and the
stability of the market means that home ownership is at its lowest
level for twenty years."
The NAEA called on the Government to prioritise building more
homes to increase supply, and comprehensively reform Stamp
Mrs Evans-Scott continued: "Increasing housing supply will help
kick-start the economy and ease the urgent need for homes across
"The Chancellor must take urgent action to make it easier for
first time buyers to get on the housing ladder, and less expensive
for existing homeowners to move. Reforming the unfair 'slab'
structure of Stamp Duty should be his first step."
*Recent figures show that the UK already has the highest
property tax take of any OECD country (4.2% of GDP compared to the
OECD average of 1.8%). Source: Centre for Policy Studies.