Propertymark has added its name to calls for Stamp Duty reform and has also urged lenders to develop more affordable mortgage products to boost the housing market.
It comes as Rightmove this week called for the Treasury to introduce regional variations for Stamp Duty thresholds in its March Budget next week.
Nathan Emerson, chief executive of Propertymark, said: “The UK Government has one final opportunity potentially to spark growth in the housing market that has been affected by economic turbulence since 2020.
“The Stamp Duty cuts that were enacted in the wake of the Covid-19 pandemic encouraged many buyers to take their first step onto the housing ladder, so we hope that the Chancellor will extend those cuts beyond the expiration date of next year.”
Emerson also gave his backing to the rumoured 1% mortgage deposit scheme and urged lenders to stop raising pricing amid hopes that the Bank of England will start cutting the cost of borrowing soon.
He said: “Propertymark is keen to see first time buyers assisted with their property buying journey and lower rate mortgage products are always an encouraging first step to boost affordability for many.
“It’s important any additional incentive schemes are well thought out and structured in a way that supports the wider housing market, there must be an understanding that rapidly increasing demand within one demographic may cause an unintended consequence for others.
“Ultimately with an ever-growing population greater emphasis needs placing on ensuring there is a considered range of new sustainable housing being built at a rate that keeps pace with demand.”
Meanwhile, today is the final chance for the agency trade body’s members to get discounted early bird tickets for the Propertymark One conference.
Find out more: https://www.propertymark.co.uk/careers-learning/propertymark-one.html