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The 2009 Budget has been read and the reactions are out – and they are not overwhelmingly positive – in fact, Alistair Darling’s proposals have been met with scorn by property bods who say they totally ignore the industry – with one high profile expert likening Darling’s Budget to ‘using a water pistol to try to put out a fire’.

£500 million of assistance for stalled housing developments and an extension of the stamp duty holiday were some of the measures announced in the Budget to try and kickstart the flagging UK property industry, but they are not substantial enough changes to make a real difference.

Chancellor Alastair Darling pledged to start a scheme to guarantee mortgage backed securities to boost lending and declared an extra £80 million for shared equity mortgage schemes.

Of the £500 million aimed at helping stalled housing projects get back on track, £100 million of this will be going to local authorities to build energy efficient homes.

Further plans were announced to develop unsold houses into social housing. There has been an increasing need for social housing during the recession due to the difficulties experienced by so many in getting on the housing ladder and obtaining the necessary money to buy their own homes.

These moves are calculated to ensure the Government’s target to build 240,000 homes a year by 2016 remains possible.

But, said Peter Bolton King, Chief Executive of the National Association of Estate Agents, voicing the feelings of many in the property industry, “The housing market is the engine of the UK economy and it is likely that this Budget will be remembered as largely ineffectual given the magnitude of the problem.

“There is very little here for first time buyers, who need more encouragement to climb onto the property ladder – which will get everything moving.”

The Government failed to make the big changes that the industry was hoping for on real estate investment trusts, empty rates, regeneration and the private rented sector.

Liz Peace, British Property Federation Chief Executive, said, “It defies logic that during the worst recession for a generation the Government should ignore some very simple practical solutions laid on a plate in front of it.

“They would cost practically nothing and would have helped the property industry to recover more quickly from the effects of the recession and get back to doing what it does best for society - namely building and managing the places we need for business, shopping and leisure,” added Ms Peace.