David Bexon, Managing Director of SmartNewHomes.com, comments on today’s announcements from Housing Minister, Caroline Flint – ‘Action today, innovation for tomorrow’:
“While we welcome any attempt from the Government to tackle the long-term challenges facing the UK housing industry, it needs to be far bolder in its approach and introduce genuinely decisive proposals if it is to bolster what is currently a flagging market.
“I see little in these latest proposals that would work to inject any significant movement into the market in the short-term. While the rent-to-buy scheme will offer a good avenue into property ownership for some, it does little to get people buying and moving now. It is also only available to those deemed eligible under the Government’s criteria, and we need a solution to help many, not a few, enter the market. Developers are already offering a plethora of shared ownership schemes that work to get people onto the housing ladder with immediate effect.
“We have always championed the cause of first-time buyers with the belief that stamp duty should be fully scrapped for this group. With the current lack of available credit in today’s market, entry costs for home buyers are far too high, and there is simply no route onto the market for first-timers unless they have a large cash deposit at their disposal. Scrapping stamp duty would alleviate a massive hurdle for these buyers.”
See Also: Press Releases (371)
Date Published: 16 July 2008
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