"Concerns amongst potential buyers about the size of deposits needed, mortgage availability, levels of stamp duty and the stability of the market means that home ownership is at its lowest level for twenty years."
The NAEA called on the Government to prioritise building more homes to increase supply, and comprehensively reform Stamp Duty.
Mrs Evans-Scott continued: "Increasing housing supply will help kick-start the economy and ease the urgent need for homes across the country.
"The Chancellor must take urgent action to make it easier for first time buyers to get on the housing ladder, and less expensive for existing homeowners to move. Reforming the unfair ‘slab’ structure of Stamp Duty should be his first step."
*Recent figures show that the UK already has the highest property tax take of any OECD country (4.2% of GDP compared to the OECD average of 1.8%). Source: Centre for Policy Studies.
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