First time buyers must be given economic support in the forthcoming Budget, according to a housing market body.
The National Association of Estate Agents (NAEA) said today that tomorrow's Budget (March 24th) could unlock the market for thousands of potential
first time buyers that may have been struggling to get on the housing ladder.
It called on the government to introduce a scheme similar to the First Time Home Buyer Tax Credit in the US, where buyers are given $8,000 (£5,388) tax credit when purchasing or reselling a home.
Other measures in the submission delivered to Downing Street include making house building a priority, reforming stamp duty land tax and suspending home information packs (HIPs) in order to cut costs for
first time buyers.
Peter Bolton King, chief executive of the NAEA, said: "
First time buyers are central to a properly functioning housing market so it makes good economic, social and political sense for Mr Darling to consider a one-off stimulus, similar to the incentive scheme in the United States.
"If Mr Darling is really serious about helping
first time buyers, he needs to review pointless and expensive schemes such as HIPs and stamp duty which are impeding progress at a crucial time of recovery."
See Also: Property News (5994)
Date Published: 23 March 2010
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