NAEA CALLS ON THE CHANCELLOR TO EASE PRESSURE IN THE HOUSING MARKET THROUGH TAX RELIEF

On the eve of another interest rate decision, the National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), calls on the Chancellor and Prime Minister to ease pressure in the housing market through temporary tax relief.

Peter Bolton King, Chief Executive of the NAEA, said: “The NAEA is calling on the Chancellor and Prime Minister to consider other options to give people a break such as a stamp duty holiday for first time buyers and temporary tax relief on the mortgage interest of people’s primary residence. This would at least ease the difficulty that people in this country are facing and give them the confidence boost that is needed to the market to get back on a more positive footing.

“The housing market is vital for our economy and the Bank of England has to make a decision about interest rates. But what is clear is that interest rates are dislocated from the situation and that the banks are not passing on any interest rate benefits to customers, if anything the mortgage rates are getting tighter. Clearly, more action needs to be taken to ease pressure in the markets.”