The National Association of Estate Agents (NAEA) welcomes Gordon Brown's announcement that the HomeBuy shared equity scheme will be extended in order to assist a further 160,000 low income families onto the property ladder. The Association also welcomes the initiative to encourage 'carbon-zero' homes by excluding them from stamp duty requirements, but is disappointed that the Chancellor did not consider it appropriate to raise the threshold across the wider housing market.
Charles Smailes, President of the NAEA comments: "On the whole, the housing initiatives in the pre-budget report are encouraging; however it is unfortunately yet another missed opportunity by Gordon Brown to increase the stamp duty thresholds across the housing market, in order to bring it inline with house price inflation. I was particularly disheartened at Gordon Brown's failure to increase the inheritance tax threshold. It is shocking to consider the figures release by the Halifax earlier this week, stating that by 2020, over 20% of properties in the UK will be valued above the £285,000 inheritance tax limit. Given this is a tax on previously taxed capital, I would once again ask the Chancellor to consider the injustice of this stealth tax."
