Chris Cummings, director of mortgages, AMI
"AMI is calling for the Chancellor to intervene with care in a market that works well, has no structural issues and which has kept the UK economy buoyant even when manufacturing was troubled. In addition, AMI would like the Chancellor to review the application of Stamp Duty and tax concessions for first time buyers. We would also urge him to abandon Home Information Packs (HIP) and regulated home reversion schemes."
Shane O'Riordain, general manager group economics, Halifax
“In 2003, for the first time, the average first-time buyer in every region in the UK paid stamp duty. Ten years earlier, in 1993 – the last time the stamp duty threshold was changed - the typical first-time buyer paid no stamp duty except in London. We believe the chancellor should index link (to house price growth) both the stamp duty and inheritance tax thresholds to prevent increasing numbers of homeowners facing higher tax liabilities."
Alex Bannister Nationwide’s group economist
“Although economic conditions look unlikely to produce a more significant slowdown, additional housing taxes or hikes could knock confidence. We welcome the Barker Review and agree with the interim findings suggesting that the rate of new build has not responded to the sharp rise in house prices over recent years. Our preference would be to encourage further supply rather than increase taxes. Nationwide has called on the Government to abolish stamp duty for houses below £150,000.”
Rachel Blackmore, external affairs manager, Building Societies Association (BSA)
“The BSA has submitted its second paper to the Miles Review, calling for the reduction of the building society member funding requirement from 50 per cent to 30 per cent. The BSA also welcomes the FSA’s educational strategy for consumers, however, we would urge the chancellor to help pay for the cost of the programme. After all, Tesco’s are not made to pay for nutritional education programmes.
”Louis Armstrong, chief executive, Royal Institute of Chartered Surveyors (RICS)
“With the focus of the two major political parties likely to be firmly set on who will spend most on health and education, the danger is that housing will be the big loser.
Poor housing conditions impact hugely on health and education so to sacrifice housing in order to boost health and education would be to shoot ourselves in the foot.
Demographic and social trends such an ageing population and an increase in marital break-ups are creating a growing number of households which must be accommodated.”
Mark Prisk MP (Conservative), shadow paymaster general.
“Regarding the Miles report, we don’t tell people how to finance their homes, we would prefer to let them choose. We are concerned that by trying to force people into taking on long term fixes, the government could end up skewing the market.”
“The current system of Stamp Duty is yet another stealth tax. The government will not do anything about it because they have a £37 billion pound overdraft they need to sort out.”
Dr Vince Cable (Liberal Democrats), shadow chancellor
“The Miles Review is all about providing Gordon Brown with an excuse not go into the euro. The current Stamp Duty system is an inefficient way of raising tax we would seek to be more transparent with our taxing policies.
Ray Boulger, senior technical manager at Charcol
“The government must balance the need to provide affordable housing without further stimulating house price inflation. The most obvious thing the government could do to increase affordability and slow house price inflation would be to increase supply. However this is a long-term solution and will require changes in the local planning process. ”
“It would also be nice to think the chancellor will finally reform the current stamp duty system.”
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