LONDON ESTATE AGENT RESPONDS TO LATEST GOVERNMENT HOUSING INITIATIVE

The government’s announcement to cut stamp duty and provide a £1 billion package to help home buyers was today welcomed by London estate agent Hurford Salvi Carr.

According to David Salvi, Director of Hurford Salvi Carr, an estate agent covering the Docklands, City and West End areas of London, the government should not be criticised for attempting to assist the ailing housing market but crucially, rather than employ more taxpayer’s money the finance should be extracted from the £50 billion that was pumped into the banking sector at the end of 2007.

The £1billion package proposed by the government aims to assist those most affected by the current housing market and proposes to cut stamp duty, aid mortgage repayment and extend the powers of councils and housing associations to pay off home-owner debt and then rent back the property to them to avoid repossession.

David Salvi comments: “Fundamentally, this is a positive move from the government but I strongly believe that much of the current housing situation is a result of the banks’ irresponsible lending and their subsequent over-cautiousness. Rather than ploughing through yet more taxpayers’ money, it should be the banking sector that relinquishes funds to support home owners.”

Hurford Salvi Carr has consistently criticised the banks for their involvement in the current housing crisis and feel today’s announcement has been marred by the government’s failure to acknowledge the responsibility of the banks yet again.