More new homes and mobility needed – NAEA and ARLA
The Chancellor of the Exchequer George Osborne should use next week's 2014 Budget announcement to focus on increasing the supply of much needed new-build properties as well as improve mobility in the housing market, according to the National Association of Estate Agents (NAEA) and Association of Residential Letting Agents (ARLA).
Mark Hayward, managing director of NAEA, and Ian Potter, managing director of ARLA, have issued a joint statement ahead of the 2014 Budget announcement on 19 March.
"A major theme for this year's Budget needs to be the supply of homes and more specifically, mobility in the property market," they said.
The pair added: "Having a place to call home is of upmost importance to every one of us, whether we own or rent. To ensure this is possible and affordable, the government needs to address the restrictions people face when finding a place to live."
The two property groups want to see the Chancellor use his Budget Statement to support mobility in the property market by addressing what they describe as the "unfair and hugely expensive" Stamp Duty slab structure which restricts homeownership. They have also reiterated support for institutional investment in the private rented sector by fully regulating the industry in a bid to boost housing supply.
Hayward and Potter stated: "Regulation will bring two key benefits: better standards for those using industry services and, a much needed stamp of professionalism and quality on the lettings industry which will help trigger the much-needed investment in a large-scale development of homes by professional organisations. The industry needs to be seen as stable, attractive and above all comprehensively regulated in order for significant investment to be secured. This needs to happen so that we all have a place to live."