BUDGET 2008: Connells brands Budget a wasted opportunity

Connells Survey & Valuation has branded the Budget a wasted opportunity to help a weakened housing market.

Connells says borrowers now looking to buy a property will not benefit at all from chancellor Alistair Darling’s plans.

Ross Bowen, managing director of Connells Survey & Valuation, says: “This Budget is all smoke and mirrors.

“The government is ignoring the perilous situation in the housing market completely. We needed to see decisive action in this Budget to address the lack of confidence in the market – what a wasted opportunity.”

Bowen says long-term fixed rates are already available to borrowers but they choose not to take them.

He dismisses the chancellor’s claims that increasing the choice of long-term fixed rate mortgage products will encourage borrowers to fix for two decades.

Bown adds: “Darling’s focus on this dodges the real problems in the mortgage market – rates are too high for borrowers to afford and tightened criteria means limited access to funds for those with poor credit histories.

“Stamp Duty relief for those in equity share schemes will have virtually no impact on the vast majority of first-time buyers. The take-up rate for these schemes has been shamefully low so far – what’s going to change now?”