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Budget expectations

22nd November, 2017

Nicola Bellward

Property Charity Jobs Reviews News

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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  • A buyer in the first week

    I’d been attempting to sell my property through an online only estate agent and whilst I was able to achieve two instructions to purchase none of these went to exchange. I felt that it was the lack lustre approach taken by the online agency that led to the lack of progress. I turned to JDM as I had met them when they originally valued the property and was impressed by their polite and professional manner. I only wish I went with them straight away. We got a buyer in the first week and where JDM stood out was their commitment to see the sale through. JDM dealt with all required access to the property, liaised with the buyer referring any matters to me promptly and were readily available. I really felt supported by them and would have no hesitation in using them again.

    Stefan Channing

  • First Time Buyer

    It was always going to be difficult purchasing a house as a first time buyer. Andrew and the team were so helpful and made the process so much easier than anticipated. Would highly recommend their services!

    Manto

  • Couldn't Recommend Highly Enough

    Let my property with JDM for 2 years after I moved abroad, they were very helpful throughout the whole process, kept me informed, inspected the premises regularly and managed the whole arbitration process (achieving a positive result for me) when there was a deposit dispute after the tenants moved out. I've just sold the property through them and, again, couldn't fault them. They did a great job of keeping me updated, liaising with the buyers regularly, answering my queries promptly and ensuring everything went as smoothly as it could. Felt they really cared about me and acting in my best interests.

    Matt Smith