Thursday, 10 December 2009

NAEA response to the UK Pre-Budget Report

Following the UK's Pre-Budget report on Wednesday 9th December 09 Peter Bolton King, chief executive of the National Association of Estate Agents (NAEA), said:“The Chancellor missed an open goal with his statement.

“By ignoring the advice of much of the property industry there is a real danger that the property slump that has hit thousands of families hard over the past 12 months will hit thousands more, harder, in the year ahead.

“Stamp duty unfairly distorts the property market. It is prohibitive to people looking for a step up the housing market and unfairly penalises people investing in buy-to-let portfolios.

“As a first step the Chancellor should keep the stamp duty threshold as it is when the current holiday ends in December. More importantly, the Government should commit to a complete reform of the tax to produce something that is fairer for everyone.”

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