LETTING & ESTATE AGENT

NAEA urges Chancellor to reform "unfair" Stamp Duty

NAEA urges Chancellor to reform "unfair" Stamp Duty

The National Association of Estate Agents has again called on the Chancellor to review Stamp Duty, saying it remains a huge barrier in the housing market.

The NAEA also wants the Chancellor in next week’s Budget Statement to take further measures to support house builders.

It says these are needed to ensure a steady supply of new homes to meet demand created by “commendable initiatives such as Help to Buy”.
 
Mark Hayward, managing director of NAEA, said: “We welcome the Government’s existing efforts to get the market moving again.

“The Help to Buy equity loan and mortgage guarantee schemes have provided a much needed boost to the housing market.
 
“However, concerns persist among buyers about the size of the deposits needed, levels of Stamp Duty and the stability of the market. The unfair ‘slab’ structure of Stamp Duty needs to be modernised as it remains a huge barrier to buyers.
 
“The lack of affordable homes continues to exist as an issue and although we support the New Homes Bonus, there still need to be more incentives to increase new builds.

“These factors combined mean that the overall levels of home ownership are actually at their lowest rates for 20 years.
 
“More action needs to be taken to stimulate house building, support first-time buyers with their deposits and make it less expensive for existing home owners to move.”