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Shared Equality Scheme
Date Added 22/12/2006
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NAEA welcomes shared equity scheme extension
The National Association of Estate Agents (NAEA) welcomes Gordon Brown’s announcement that the HomeBuy shared equity scheme will be extended in order to assist a further 160,000 low income families onto the property ladder. The Association also welcomes the initiative to encourage ‘carbon-zero’ homes by excluding them from stamp duty requirements, but is disappointed that the Chancellor did not consider it appropriate to raise the threshold across the wider housing market.
Charles Smailes, President of the NAEA comments: “On the whole, the housing initiatives in the pre-budget report are encouraging; however it is unfortunately yet another missed opportunity by Gordon Brown to increase the stamp duty thresholds across the housing market, in order to bring it inline with house price inflation.
“I was particularly disheartened at Gordon Brown’s failure to increase the inheritance tax threshold. It is shocking to consider the figures release by the Halifax earlier this week, stating that by 2020, over 20% of properties in the UK will be valued above the £285,000 inheritance tax limit. Given this is a tax on previously taxed capital, I would once again ask the Chancellor to consider the injustice of this stealth tax.”
Comment on issues raised in the pre-budget report:
Shared equity ownership
Smailes comments: “I am delighted to hear that the shared equity scheme is to be extended to encourage a further 160,000 families onto the housing ladder. I eagerly await the details of the public and private sector schemes mentioned.”
Carbon-zero homes exempt from stamp duty
Smailes comments: “This is clearly a positive initiative in improving energy efficiency in homes and I look forward to hearing the details of the code for sustainable homes and tougher building regulations mentioned in the full report. However, it is slightly divisive in that it only applies to the new home sector and I would like to hear how the Government intends to tackle this in the wider property market.”
Extension of Landlords Energy Saving Allowance
Smailes comments: “It is pleasing to see an extension of the Landlords Energy Saving Allowance (LESA) scheme that will consider allowance applications per property rather than per building, ensuring that landlords of smaller residences will now be eligible for assistance in improving their properties to promote energy efficiency.”
We hope you have found this moths information sheet useful and please do not
hesitate to contact us if we can help you in any way.
Drewery Property Services
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