UK Money News
21st February 2008
NAEA calls for assistance for first time buyers
The UK's tax structure should be overhauled to help first time buyers and buy to let investors, an estate agents trade body has said.
Stewart Lilly, president of the National Association of Estate Agents (NAEA), called for a reform of current rules and for stamp duty thresholds to be revamped and has asked the chancellor of the exchequer to impose the changes as soon as possible.
Mr Lilly recommends that properties worth less than £200,000 should be subject to a zero per cent rate and that homes worth up to £300,000 should be subject to one per cent.
This sliding scale system would reflect house price inflation in recent years and relived the burden on first time buyers, he argues.
Meanwhile, buy to let investors should be helped by reforming capital gains tax so that they are able to buy and sell their property more easily, Mr Lilley recommended.
The NAEA represents the interests of 10,000 UK estate agents.
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