The Budget week is offering little in the way of mortgage help for first-time buyers (FTBs), it has been suggested.
According to the National Association of Estate Agents (NAEA), the seven-day period is seeing FTBs hit with a “double whammy”, as Chancellor of the Exchequer George Osborne failed to provide much encouragement to this group during his speech yesterday (Wednesday March 21st) and the stamp duty holiday is due to come to an end on Saturday.
Wendy Evans-Scott, president of the NAEA – founded in 1962 – stated: “The Budget was a chance for Mr Osborne to support the green shoots of recovery, but there is actually very little in today’s announcement to support the UK’s fragile property market.”
The industry figure claimed housing in the UK continues to be over-taxed, noting Mr Osborne has missed an opportunity to bring about whole-scale reform of taxation in the sector.
She pointed out the market will only get moving when FTBs are encouraged to seek a mortgage and climb on to the property ladder, while homeowners need to be given the confidence to push forward and sell their dwellings.
