Saturday, Jun 19, 2010
Weekend comedy club special
Mortgagestrategy: NAEA calls for tax breaks for first-time buyers
The National Association of Estate Agents is calling for tax incentives for first-time buyers to be introduced in next week’s Budget. As part of three key methods of boosting the housing market the NAEA is also calling for a long term review of Stamp Duty. “The majority of the housing industry recognises the dampening effect that stamp duty has on the market.” Peter Bolton King says that without condoning irresponsible lending there are huge swathes of the country who could afford a mortgage but can’t because of “draconian lending criteria”. He wants to see criteria relaxed and lending opened up to more people.
Posted by jack c @ 02:24 PM (1095 views) Add Comment
4 Comments
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1. quiet guy said...
'Peter Bolton King, chief executive of the NAEA, says: “The evidence suggests that the US tax credit was worth billions to the housing market. A similar scheme here could encourage thousands of first-time buyers onto the housing ladder.”'
Is King evil or insane? Throwing taxpayer's money into the property market will only raise prices more - marvellous for those contemplating a bit of STR but an extra burden to the rest of us.
2. simon68 said...
It’s just exhausted in every measures to pop up house price, not avail at last.
3. mark wadsworth said...
“The evidence suggests that the US tax credit was worth billions to the housing market."
As and accountant and economist, let me point out that for every 'benefit' there is a 'cost'*. If the tax credit it benefitted 'the housing market' by billions, then there must have been a corresponding cost of billions somewhere else.
* Of course I can add a million caveats to that - for example with a free exchange of goods and services there is a marginal net benefit to both parties; with straightforward welfare redistribution there is a marginal benefit overall as £1 is worth more to a poor person than to a rich person - it's a general rule only, but with taxpayer funded subsidies we tend to observe the opposite effect - the marginal cost of the tax to the payer exceeds the marginal benefit of the benefit to the recipient.
4. clockslinger said...
Never mind Forgemasters and closing hospitals...this is prcisely the kind of brave public funded government initiative that is needed to encourage another generation to keep property prices up and secure sustainable growth (in the income flow of the BoltOn King household)