Residential property UK, UK Property Investment

Top Menu

  • About us
  • Contact Us
  • Cookie Policy
  • Disclaimer
  • Home
  • Privacy Policy
  • Sitemap
  • Terms & conditions

Main Menu

  • UK
  • International
  • Landlords
  • Finance

logo

Residential property UK, UK Property Investment

  • UK
  • International
  • Landlords
  • Finance
  • HMO property investment UK

  • UK house prices bounce back in November

  • Strategies for property investment UK

  • Property investment UK advantages

  • House prices London UK bounce back

UK
Home›UK›Stamp duty reform could incentivise older UK home owners to downsize

Stamp duty reform could incentivise older UK home owners to downsize

By Mile
September 28, 2018
331
0
Share:

Study suggests home owners aged 65 and over would welcome incentives to downsize. UK Stamp duty reform could incentivise home owners aged 65 and over in the UK too downsize, freeing up properties for families looking to move up the housing ladder, new research suggests.

Almost a third, some 32%, of those who are looking to sell and buy a smaller property confirmed that a stamp duty cut would be welcomed but the research from equity release advisor Key also suggests that there are other barriers preventing them from doing so.

The research also shows that 63% of estate agents would welcome the abolition of stamp duty for older home owners making a final house purchase.

Overall, the study found that around 620,000 over 65s have looked at downsizing but can’t find a suitable home while another 500,000 have done the sums and found out they wouldn’t make enough money to justify this type of upheaval.

Chief executive officer at Key, Will Hale said when they speak to customers, they find that they are often very attached to their home and their neighbourhood so downsizing is not something they want to consider.

Hale explained, and, if they do consider it, they may well want to take equity release out on their new house as they haven’t made as much as they hoped or they want to make some improvements to make it feel like home. When making these choices, it is vital that they get independent specialist advice as it will help them to fully understand all their options.

Making changes to the stamp duty regime would only solve some of the issues that the housing market and the older generation is facing. Serious thought needs to go into this to ensure that a situation is not created whereby people are pushed into doing something that is not actually in their best financial, emotional and social interests. Guiding customers through their options at this potentially difficult time is critical.

TagsUK home owners
Previous Article

RICS survey respondents suggest scrapping stamp duty ...

Next Article

House prices fall across Australia

0
Shares
  • 0
  • +
  • 0

Related articles More from author

  • UK

    VAT reform for shoring up UK housing market

    March 6, 2017
    By Mile
  • UK

    Best University cities offering highest buy to let yields revealed in survey

    January 8, 2019
    By Mile
  • UK

    Blackstone prepares new Asia real estate fund to raise at least $5 billion (£4.02 billion), say sources

    January 23, 2017
    By Mile
  • UK

    House prices in the UK rise the fastest since November

    August 8, 2018
    By Mile
  • UK

    Repossessions fall across England and Wales except London

    August 31, 2019
    By Mile
  • UK

    Edinburgh named ‘UK’s top property hotspot’

    June 2, 2017
    By Mile

Leave a reply Cancel reply

You may interested

  • UK

    Demand for rented homes in the UK to reach six million by 2025

  • UK

    Luxury development in Birmingham sells well

  • house-near-green-space
    Real Estate

    Living near greener spaces boosts home prices by £2,500

Recent Updates

  • HMO property investment UK
  • UK house prices bounce back in November
  • Strategies for property investment UK
  • Property investment UK advantages
  • House prices London UK bounce back

Sections

  • Finance
  • International
  • Landlords
  • Latest News
  • Real Estate
  • UK

Sections

  • About us
  • Disclaimer
  • Terms & conditions
  • Privacy Policy
  • Cookie Policy
  • Sitemap
  • Contact Us

Latest Updates

  • HMO property investment UK
  • UK house prices bounce back in November
  • Strategies for property investment UK
  • Property investment UK advantages
  • House prices London UK bounce back

Follow us

  • About us
  • Disclaimer
  • Terms & conditions
  • Privacy Policy
  • Cookie Policy
  • Sitemap
  • Contact Us

© Invest for Property. All rights reserved. Part of CAS Media Group Publishing Ltd whose registered office is - Office A1, Ground Floor, 17 Lyon Road, London, SW19 2RL.
This website uses cookies: By continuing to browse this site you accept its Privacy Policy and Cookies.