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Budget expectations

22nd November, 2017

Kelly Holmes

Our industry regulator, NAEA Propertymark is calling on the Chancellor to exempt both first-time buyers and downsizers from Stamp Duty and to abandon the 3% surcharge on the purchase of second homes. This appears to be a bid to inject some more activity into the property market.

The NAEA’s views were submitted to Philip Hammond ahead of his Budget this week. The NAEA also says it wants to see a ‘Help to Buy’ type of scheme introduced for those buying secondhand property (rather than just new-builds).

jdm Estate Agents as  NAEA regulated agents fully supports the perspective offered to the Chancellor.

Jonathon de Maid, partner at jdm Estate Agents says, “the government should take action to help generate activity in the housing market. Something that needs particular attention is high the cost of purchasing for first time buyers. There are not enough properties in this area for genuine first time buyers so making it less costly and easier for them could underpin the entire marketplace”.

There is no doubt that the stringent stamp duty regime introduced in April 2016 has impacted the local property market affecting around a quarter of residential property sales since its inception. Government has long been warned that the stamp duty hikes damage economic growth and distorts the market by making it more expensive to move home and harder for first time buyers to join the housing ladder.

The NAEA’s second crusade calling for regulation of the estate agency market is something that is long overdue to ensure that the consumer is protected from rogue estate agents. There are a great many number of agents operating who don’t abide by a code of practice, aren’t professional and whose practices are not always ethical. Consumers need to feel more assured that they are dealing with experienced and trained professionals that they can trust, in the same way that they can rely on other qualified professionals such as lawyers and doctors.

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