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» 09/12/2009

GRAINGER RESPONDS TO THE PRE-BUDGET REPORT

9th December 2009

GRAINGER RESPONDS TO THE PRE-BUDGET REPORT

Andrew Pratt, Managing Director of Residential at Grainger Plc. commented:

“The Pre-Budget Report is on the whole disappointing for the residential property industry, but we are pleased that reference has been made to the pivotal role the Private Rented Sector could play in providing good quality homes for people unable to buy.

“While the end of the stamp duty holiday was not unexpected, broader reforms to this tax will be necessary to encourage institutional investment, including the disaggregation of stamp duty land tax. Other practical measures will also be necessary such as the direct payment of Local Housing Allowance to landlords. We look forward to these being considered during the consultation of the Private Rented Sector in April.”

ENDS

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About Grainger

Grainger plc is the UK’s largest listed residential landlord with approximately £2.3bn of assets and £3.0bn of assets under management. The company owns, acquires and trades regulated and market let tenanted properties and has substantial interests in home reversions and co-ownership vehicles. It also undertakes fund and asset management, property management and residential development. Grainger directly owns over 14,000 properties across the UK and 7,000 in Germany. It also manages another 3,600 properties through co-investment vehicles. Grainger is a leading industry spokesperson on landlord and tenant issues.

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Grainger plc registered in England. Company registration number: 125575. Registered office: Citygate, St James' Boulevard, Newcastle upon Tyne, NE1 4JE.