NAEA calls for Stamp Duty reform

The NAEA said that such a review would help ensure a steady supply for commendable initiatives such as Help to Buy.

Mark Hayward, managing director of NAEA, said: “NAEA welcomes the government’s existing efforts to get the market moving again. The Help to Buy equity loan and mortgage guarantee scheme has provided a much needed boost to the housing market.

“However, concerns persist among buyers about the size of the deposits needed, levels of stamp duty and the stability of the market. The unfair ‘slab’ structure of stamp duty needs to be modernised as it remains a huge barrier to buyers.

“The lack of affordable homes continues to exist as an issue and although we support the New Homes Bonus, there still need to be more incentives to increase new builds. These factors combined, mean that the overall levels of home ownership are actually at their lowest rates for twenty years.

“NAEA believes that more action needs to be taken to stimulate house building, support first time buyers with their deposits and make it less expensive for existing homeowners to move.”