What's stopping older homeowners from downsizing?

25/02/14
 

With the Budget looming on 19 March, everyone is lobbying the Chancellor with their favourite ideas.

One of these calls for downsizers to be made exempt from stamp duty. The Chartered Institute of Housing has proposed that older people on pension credit should be exempt from stamp duty if they move to a smaller home, thereby freeing up family-sized housing.

Letters to The Times this week also suggested that stamp duty is a barrier to older people who want to downsize. Two readers said the cost of stamp duty outweighs the savings that could be made from moving.

So is stamp duty a big barrier to downsizing? Or are there other bigger barriers like the upheaval, the hassle of buying and selling, or the worry of moving somewhere new?

Tell us what you think by emailing info@downsizingdirect.com

Stephen Burke

Director of United for All Ages and founder of downsizingdirect.com     

 

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