Industry bemoans Brown&’s &‘missed opportunity&’ budget

May 1, 2002
<b></b> Housebuilders have called Gordon Brown&amp;’s Budget a missed opportunity to tackle the housing affordability crisis facing first time buyers.<br><b>They say that rampant house price inflation is having a serious effect on the ability of first time buyers and those on moderate incomes to get a first foot on the housing ladder. And that this has not been helped by soaring Stamp Duty rates since 1997.</b><br> Pierre Williams for the House Builders Federation said: &amp;“It is very disappointing that the government gains so much by the housing crisis affecting this country. <p></p><p>&amp;“Stamp Duty is a tax that has risen by almost 400% since Labour came to power.</p><p>&amp;“The government knows all too well that soaring house prices are excluding an ever-increasing number of teachers, nurses and other key workers from ever being able to afford homes of their own.</p><p>&amp;“However, the two principal ways in which this problem could be tackled - increasing the supply of new homes and reducing the tax burden for first time buyers - have both been ignored.&amp;”</p><p>The industry will also be disappointed at the chancellor&amp;’s decision not to lower VAT on repair and maintenance, but mightily relieved that speculation that VAT would be imposed on greenfield housing …

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