NAEA: SUCCESS OF STAMP DUTY CAMPAIGN A MAJOR VICTORY FOR FIRST TIME BUYERS

THE National Association of Estate Agents (NAEA) today welcomed as a major victory Alistair Darling’s decision to raise the threshold of stamp duty land tax.

The NAEA has long campaigned for a major rethink on stamp duty – which it believes to be a tax on aspiration. Today in the final Budget before the election, Mr Darling listened and raised the threshold to £250,000.

Peter Bolton King, chief executive of the NAEA, said: “For thousands of first time buyers the dream of getting onto the property ladder was slipping out of reach.

“This announcement has added a new rung to the property ladder, one within reach of thousands of young families.

“We have long argued that stamp duty is a tax on aspiration that smothered the natural demand of the market. We still believe that more reform is needed and there is more work to be done, but we applaud this decision – a major victory for first time buyers.”

ENDS