The Home Builders Federation (HBF) has called for immediate action in tomorrow’s Budget announcement to increase the stamp duty threshold to £250,000 to alleviate the dire situation of first time buyers. Stewart Baseley, Executive Chairman of the HBF says: “We need urgent action in the Budget to ease the plight of house buyers. Housing affordability is at its worst for almost two decades – and with mortgage lenders being more cautious, it is no surprise people are feeling the first rung of the housing ladder is being pulled from beneath them. “Raising the threshold to £250,000 would remove 90% of first-time buyers from paying stamp duty, reducing their costs and helping more people make the important first step. It would also support the industry’s commitment to increase the supply of homes this country needs to solve our housing crisis.” HBF has urged the Treasury to consider the duty cut in its Budget submission, also asking the Government to employ other short-term measures to support the housing market which would not exert undue pressure on the country’s finances. These proposed measures also included: • Further financial incentives to support first-time buyers, such as re-introducing mortgage interest relief; • Further encouragement for Registered Social Landlords to buy newly built homes, to increase the supply of affordable housing; • An extension of English Partnerships’ successful first-time buyer initiative (set to close), providing a first step on the ladder for many. - Ends - Notes to Editors: The Home Builders Federation (HBF) is the principal trade federation for private sector home builders and voice of the home building industry in England and Wales. The HBF’s 300 member firms account for some 80% of all new homes built in England and Wales in any one year, and include companies of all sizes, ranging from multi-national, household names through regionally based businesses to small local companies: www.hbf.co.uk For further information or to arrange interviews, please contact: Francis Mallinson 020 7404 5344 07899 751138 francis.mallinson@portlandpr.co.uk
