NAEA REPONSE TO LATEST CML FIGURES

In response to the latest repossession statistics from the Council of Mortgage Lenders, Peter Bolton-King, Chief Executive of the National Association of Estate Agents (NAEA) comments:

“The Stamp Duty Holiday has been a source of respite for beleaguered buyers who have been trying to achieve something that should be available to as many people as possible – to own their own homes. These new figures confirm what our agents have been telling us - the buyers are out there but they just cannot get that first foot on the property ladder because of the amount of money required up front.

“Stamp Duty remains a persistent and pernicious barrier to entry for many first time buyers. The sums of capital demanded by the banks and the Government are simply too daunting to overcome. Making Britain’s most unpopular tax fairer and more manageable should be a primary goal for the Government both now and after the General Election.

"The evidence from the U.S – Obama’s tax incentives for FTBs – and now the UK data is irrefutable. I hope the industry can now move forward to working with policy makers to create a more manageable solution that benefits buyers and helps to restore confidence to the residential property market.”