NAEA Calls on Government to Help UK Housing Market

NAEA Call For Government To Reomve Stamp Duty For First Time Buyers and Temporary Mortgage Tax Relief

The reduced number of transactions in the UK housing market has prompted the NAEA to call on the government to act to stimulate demand. Whilst some members of the National Association of Estate Agents, Chard included, feel that we may be at the end of a six month loss of confidence and that the number of transcations in the market should now start to rise, support from the government to restore confidence would help.

The central London property market has been relatively robust compared to the rest of the country across Chard's London estate agents offices. Although Chard has reported that the level of sales, month on month this year has been healthy, other London estate agents appear to be suffering. It seems that Chard is therefore picking up market share rather than an indication of the wider picture.

It's still unclear how significant the downturn (reported to be around 40%) in number of transactions is going to affect the Chancellor's tax take. The loss of Stamp Duty and VAT on commissons is likely to be significant. Any moves to improve turnover are likely to be welcomed across the estate agency industry.