Homes for Later Living's report on the benefits of downsizing and the impact of housing policy on people considering a move makes the case for the need for a permanent reduced stamp duty, targeted to downsizers - in light of the Chancellor's announcement of the increased stamp duty threshold to properties worth £500,000.
Published by a consortia comprising of Churchill Retirement Living, McCarthy & Stone and Lifestory Group (made up of Pegasus and Renaissance), the report also includes an analysis of the effect from the sale of Homes for Later Living properties on the housing market, showing that there is a freeing up of homes at differing stages of the housing ladder.
The challenges that the housing market and the government face in the near future are also explored - which include:
- A population ageing in their own homes
- Barriers to moving for those that want to downsize but aren't able to
The report concludes that the government needs to set an explicit target of building 30,000 new retirement properties a year to meet the increasing demand for housing for older people.