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NAEA: Government must encourage home ownership

NAEA: Government must encourage home ownership

Category: Mortgages

Updated: 02/10/2009
First Published: 02/10/2009

MONEYFACTS ARCHIVE
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The Government has been accused of not doing enough to encourage potential homeowners to own a property.

The National Association of Estate Agents (NAEA) has reported that more than one in four adults no longer have any desire to own their own home in some cities in the UK.

Thirty per cent and 27.7 per cent of residents in Cardiff and Manchester respectively said they had no designs on owning a home, while a quarter of respondents in Belfast and Brighton gave the same response.

It was a similar case in Leeds and Norwich, where 24 per cent of those questioned said they had no plans to buy.

Southampton can boast the title of the city with the most prospective homeowners, with just ten per cent of residents saying they had no desire to buy a property.

While the association readily admits that the economic and the lack of available credit are contributing factors, it is adamant that the Government should be doing more to encourage people to get on the property ladder.

"The recession has left many people feeling they cannot get on the property ladder," said Peter Bolton King, chief executive of the NAEA.

"However, the recession alone cannot shoulder the blame. The Government has so far refused to create a level playing field for house hunters by reforming stamp duty, a tax on aspiration.

"These figures provide a snapshot of the state of the nation. They can be turned around and the NAEA would strongly urge the Government and the lenders to do more to harness the emerging indicators of recovery seen across the housing market.

"It will be a sad day if any British man or woman gives up on acquiring their castle."

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