Thursday, Jul 24, 2008
Comedy Club - Peter Bolton King returns with a string of outrageous one liners
mortgagestrategy: NAEA says government should learn from US mistakes
The National Association of Estate Agents has urged the government to learn from the US government's mistakes and act now over the UK housing market slump. Peter Bolton King, chief executive of the NAEA, says "the housing market is the pillar of the UK economy" and that it will require creative thinking to ease pressures and ensure the downturn does not worsen. Bolton King says: “The first thing the government could do is introduce a tax break, such as abolishing Stamp Duty for first -time buyers and moving the thresholds up to ease pressure throughout the whole housing market giving people a reason and incentive to come back.
Posted by jack c @ 04:54 PM (591 views) Add Comment
10 Comments
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1. beartil2010 said...
These VI non-experts with their weak-to-non-existent grasp of economics and continual lying should be hung, drawn and quartered.
2. Yerhavingalaugh said...
The Government should leave well alone and let the market correct to a right and sustainable level a.s.a.p. Let's get the pain over quickly. Proper measures/guidelines to ensure that this misery is not repeated i.e. tighter regulation of the mortgage industry should be introduced now. Any lender getting into difficulty in the future that has flouted these measures/guidelines must be allowed to go to the wall as a lesson to others.
Estate Agents/Developers who have made fortunes in the good times and have set nothing aside for rainy days deserve no sympathy.
3. Cstanhope707 said...
So let me get this right it is the role of the UK Taxpayer to keep Real Estate Agents in a job and with nice fat bonuses. Thank god this useless Government has run out of money and they can't do much more without asking for higher taxes... See Brown and Darlings mismanagement of the public purse does have an upside!!!
4. alan said...
If you give tax breaks, the taxation will need to be made up from somewhere else.
The banks won't be paying any tax for a while. so who meets the tax burden?
5. nooneo said...
Everything the US guv'mint has done has just not worked so I suggest that the UK government:
A. Doesn't lower interest rates. It aint working in the US and it didn't work in Japan
B. Stops propping up dodgy banks. Let the banks with good balance sheets snap them up, reposess the defaulter, let the market settle to a realistc level (50% of peak at least) and perhaps we can get on with the economy.
The NAEA have helped ramp up this almighty bubble and now they want the GB taxpayers to pay for it.
Moot point really as the good people of Glasgow East are, at this very point, telling Gordon Brooooon and his inept bunch of presbyterian moralistic thinking professional nanny state cr@ck crawlers that they are no longer "fit for purpose" and why don't they go away and start a think tank somewhere where the sun don't shine. C'mon Glasgee don't let the rest of the UK down.
6. it_is_going_with_a_bang said...
Creative thinking?!?!?!?
Thats what got us into this dam mess in the first place.
The day we allow an estate agent to run the country officially will be a very sad day indeed.
People can't get mortgages because they can't prove they can afford one. It is as simple as that.
100% + mortgages should never be allowed. They are a tool which distorts the market and allows people to get into a financiall mess they might otherwise avoid.
7. mark wadsworth said...
Alan, it's worse, if they scrap SDLT altogether, all that happens is that selling prices adjust upwards (as happened in Stamp Duty free zones) so this doesn't help FTB's, although it'sgood for downsizers, heirs and people selling to buy.
8. Cheap Labour Destination said...
If the only thing propping up the UK economy is property then Britons should prepare to be employed in sweatshops sewing clothes for the Chinese equivalent of Primark and other cheap retailers...
9. nooneo said...
Yerhavingalaugh @ 2.
"Proper measures/guidelines to ensure that this misery is not repeated i.e. tighter regulation of the mortgage industry should be introduced now" - Agred but ufortunatetley after the last crash, instead of regulating they alowwed self certification to be employed across the mortgage market. Expect more primary school economics from the Dooooor scot before this mess is over.
"Estate Agents/Developers who have made fortunes in the good times and have set nothing aside for rainy days deserve no sympathy." - Agreed again, the trouble is it's a ridiculous situation to be in. How can any market survive the boom & bust (you listening Gordon!) that our property maket is currently in. Its interesting the Floors 2 go has gone (!) as it's a good indicator of all the businesses that have emerged and will now die becasue of Gordon the Moron.
When our (failing) PM said those famous words he should've listened and acted on them himself, instead he used the property market (like the tories did in the eighties) as a tax revenue vehicle, and because they are only in for 5 years it's very rare they think over any longer timescales.
10. Bleakhouse said...
Sellers should reduce prices so that less stamp duty is due! 50 pct should do it.
Buyers will return to the market, crisis over.