Surveyors give Budget luke warm response

| March 14, 2008 | 0 Comments

In its reaction to this week’s Budget, the Royal Institution of Chartered Surveyors (Rics) has criticised some of the measures in relation to the property market and welcomed others.

Commenting on the Chancellor’s decision to reduce stamp duty for shared equity schemes, Rics senior economist, David Stubbs, describe the move as a “sensible policy that will lessen the tax burden on financially stretched households”.

However, Mr Stubbs believes it will help too few people and he would like to see the concession extended to first-time buyers.

With regard to the Chancellor’s call for lenders to make long-term fixed-rate mortgages more appealing to consumers, Simon Rubinsohn, Rics chief economist, believes most borrowers will continue to have a preference for interest rates that reflect economic conditions.

At the same time, Mr Rubinsohn is concerned at the lack of action over mortgage arrangement fees, which he sees as “increasingly burdensome” for homeowners who are refinancing regularly.

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