STAMP DUTY - MEASLY CARROT WHEN FIVE-A-DAY REQUIRED
24TH MARCH 2010
"As cynical as it gets" says former National Association of Estate Agents President Trevor Kent, as news of the possible removal of Stamp Duty Property Tax on sales up to £250,000 emerges.
"To dangle such a carrot in front of aspiring home owners just weeks before the election must be seen for what it is - electioneering smoke and mirrors. It is also a sop to the strong national builders lobby as the majority of the sales thus encouraged with be on rotting empty over-developed city centre offerings they are desperate to shift. If only First Time Buyers are to be helped what of the retirees down-sizing, the owners facing repossession and looking for less expensive homes - they will still be paying the punitive tax of up to £2500 to buy".
Trevor Kent also points out that if the majority of sales that will be helped are, as he forecasts, empty new-build flats, traditional chains of sales will not be helped and thus the relaxation will have a miniscule effect on the real property market.
"This carrot should be seen for what it is, a shrivelled tempter dangled in front of a housing market that needs a full "five-a-day" to regain its health, the Tory Party plans offer a balanced diet - this Labour nonsense is pure poison" concludes Trevor Kent
TREVOR KENT is a former President of the NAEA
and a regular property market commentator based
in Gerrards Cross.
© Trevor Kent