Whilst long term measures were outlined in the report to deal with issues such as planning reform and new homes, the NAEA noted that these will not solve some of the more immediate problems facing consumers and the housing market today - something which they believe the Government needs to be acutely aware of.
Peter Bolton King, chief executive at the NAEA, said: “We are of course very supportive of planning system reform and the construction of more homes in the UK. The government needs to consider that it is not just a numbers game however – it’s about having the right homes in the right places. It is also a long term measure. It will take an extremely long time for the effect of the government’s planned new homes to be felt and for the supply and demand balance to be restored.
“The inheritance tax plans are certainly welcome. We have been calling for inheritance thresholds to be re-evaluated for a long time now and are pleased that both the government and the opposition have recently recognised this important issue. Too many homeowners have had to live with the knowledge that a substantial portion of their assets will not go to their family when they pass away. The latest move will at least release a significant number of people from this burden.
"We continue to support the government’s long term aims of creating and freeing up more housing, increasing homeownership through shared ownership schemes and reforming the UK’s archaic planning system.
"We would, however, urge the government to consider what it will do in the short term to address issues such as the plight of first time buyers and the current low confidence in the market, since many of the measures being suggested today will take a long time to bear fruit.”
