Wednesday, April 22, 2009

Comedy Club stalwart – “housing market is the engine of the UK economy”

BUDGET 2009: Budget is a water pistol to put out a fire says NAEA

The National Association of Estate Agents has damned the chancellor Alistair Darling's second Budget report as "water pistol to put out a fire". The extension of the Stamp Duty holiday for properties up to £175bn the NAEA says is "disappointing" and adds that now was the perfect opportunity for the chancellor to get rid of the tax. Peter Bolton King, chief executive of the NAEA, says: "In this difficult economic time, Mr Darling could have seized the opportunity to encourage first time buyers to the market and to send a signal of confidence that may have reverberated around the economy.

Posted by jack c @ 03:27 PM (1450 views)
Please complete the required fields.



9 thoughts on “Comedy Club stalwart – “housing market is the engine of the UK economy”

  • Water Pistol to put out a fire.

    Sorry I thought we were seeing the green shoots of recovery.

    And I have certainly seen alot of sold boards up.

    Will they just ask for help regardless ?

    Reply
    Please complete the required fields.



  • When I look at a house, I don’t see any moving parts. I see only a pile of bricks. Therefore not an engine.

    Rising house prices have to come FROM SOMEWHERE to be sustainable.

    That means: WORK.

    WORK is the engine of any economy. This means digging things up, making things or changing things from one thing into another.

    Until this delusional psychology about rising house prices being (i) a good thing and (ii) an automatic entitlement, the housing correction has a long way to go.

    Reply
    Please complete the required fields.



  • “There is very little here for first time buyers, who need more encouragement to climb onto the property ladder – which will get everything moving.”

    Errm, lower house prices would encourage FTBs but this government seem to be hellbent on at least pretending to support inflated prices -with taxpayers money obviously. Just shows how dim EAs are if they think it’s okay for the housing market to be the engine of the economy.

    Reply
    Please complete the required fields.



  • yorkshireman says:

    A certain irony here, as the NAEA and others have been pouring petrol on the flames for years.

    Reply
    Please complete the required fields.



  • SOURCE – http://www.mortgagesolutions-online.com/public/showPage.html?page=853584

    Budget 2009: The industry responds

    Today’s Budget from the Chancellor Alistair Darling has generated a huge response from the industry, with many underwhelmed by the proposals for the housing market.

    Abbey welcomed the extension in the Stamp Duty holiday, but admitted it was disappointed the Government had not gone further.
    Ricky Okey, managing director of Abbey for Intermediaries, said: “The Government should be doing more to help first-time buyers – ideally through a permanent increase to the nil rate threshold – or at the very least, by making Stamp Duty incremental, so it works like income tax.”

    The Royal Institution of Chartered Surveyors also called for a tiered version of Stamp Duty, and welcomed the extra funding for HomeBuy Direct.

    Gillian Charlesworth, director of external affairs at RICS, commented: “HomeBuy Direct has proved popular with housebuilders, mortgage lenders and first-time buyers. The Government is right to use this as a way of helping buyers who are suffering as a result of restrictions on mortgage lending. Although the money is welcomed it must be accompanied by better marketing of the scheme, possibly through high street estate agents.

    “Extending the scheme will provide a boost for first-time buyers and can help avoid high loan-to-value mortgages.”

    The trade body also described the introduction of Government guarantees for mortgage-backed securities as ‘long overdue’.

    The National Association of Estate Agents was dismissive, stating that Darling had ‘used a water pistol to put out a fire’.

    Peter Bolton King, chief executive of the NAEA, said: “The housing market is the engine of the UK economy and it is likely that this Budget will be remembered as largely ineffectual given the magnitude of the problem. There is very little here for first-time buyers, who need more encouragement to climb onto the property ladder – which will get everything moving.”

    Robin King, director of Movewithus and Whitehot Property, added: “The Budget is good news for housing, but it should have gone further. The extension of the Stamp Duty holiday for properties up to £175k is good news, especially for first time buyers. Likewise the £500m support for building projects will help.

    “However, these measures alone will not kickstart the housing market. Rising repossessions and unemployment uncertainty will play a larger part in dampening the growth, at least for the next 12 months. The good news is that first-time buyers will benefit, so long as lenders provide them with mortgages.”

    If you have any comments you would like to add to this story or would like to speak to Mortgage Solutions about a similar subject, please email John Fitzsimons, or Jamie Obertelli

    Reply
    Please complete the required fields.



  • Dohousescrashinthewoods says:

    “housing market is the engine of the UK economy” – No, no, no, no, no! Spit that out right now!
    If this is true, it is precisely why the UK is doomed.

    Housing is a non-productive industry (like most of finance). Selling houses to each other produces no value, so the money created is fake.
    There is productive industry on the margins of the housing market (builders, plumbers, etc.) but you can’t build an economy on margin.

    So, if housing is the “engine”, then we have an engine that produces nothing and the margins will only support a very few.
    If housing and finance are the “engines” then, in reality we don’t have an economy!

    Reply
    Please complete the required fields.



  • “housing market is the ruin of the UK economy”

    i would go along with that one.

    Reply
    Please complete the required fields.



  • last_days_of_disco says:

    “The housing market is the engine of the UK economy”

    This is such a classic, how does this guy remember to breath? I mean how stupid can you be?

    Reply
    Please complete the required fields.



  • The extension of the Stamp Duty holiday for properties up to £175bn the NAEA says is “disappointing” and adds that now was the perfect opportunity for the chancellor to get rid of the tax.

    And the PSBR is £175k, I suppose !!!

    Muppets.

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>