PBR ‘missed opportunity to help FTBs’
Chancellor Alistair Darling's pre-budget report (PBR) is a missed opportunity to provide greater assistance to first-time buyers (FTBs), during the economic downturn, it has been suggested.
According to Peter Bolton King, chief executive of the National Federation of Property Professionals, the chancellor should have adhered to the "clamour" of calls from professionals recommending action on stamp duty.
He called on the government to work closely with property professionals in consultations between now and the release of the budget.
Mr Bolton King said chancellor Alistair Darling should have seized the opportunity to tackle stamp duty amid problems in the housing market caused by the financial climate.
"A suspension would have given a real boost to FTBs, who everyone recognises are key to market recovery," he added.
The PBR's lenders' agreement not to initiate repossession proceedings within a three-month period was welcomed by Mr Bolton King.
A cut in value added tax from 17.5 per cent to 15 per cent is a key part of the PBR, which the government hopes will encourage consumer spending and thereby revive the UK economy out of recession.
Mortgages for Professionals is a specialist mortgage broker offering a whole-of-market choice of all UK lenders. We provide a service dedicated to individuals with professional qualifications and high projected earnings - from doctors and dentists, to accountants and engineers.
According to Peter Bolton King, chief executive of the National Federation of Property Professionals, the chancellor should have adhered to the "clamour" of calls from professionals recommending action on stamp duty.
He called on the government to work closely with property professionals in consultations between now and the release of the budget.
Mr Bolton King said chancellor Alistair Darling should have seized the opportunity to tackle stamp duty amid problems in the housing market caused by the financial climate.
"A suspension would have given a real boost to FTBs, who everyone recognises are key to market recovery," he added.
The PBR's lenders' agreement not to initiate repossession proceedings within a three-month period was welcomed by Mr Bolton King.
A cut in value added tax from 17.5 per cent to 15 per cent is a key part of the PBR, which the government hopes will encourage consumer spending and thereby revive the UK economy out of recession.
Mortgages for Professionals is a specialist mortgage broker offering a whole-of-market choice of all UK lenders. We provide a service dedicated to individuals with professional qualifications and high projected earnings - from doctors and dentists, to accountants and engineers.
