Resizing, RIGHTSIZING: Why better options matter to us all

This report from the Radix Big Tent Housing Commission suggests later living should be at the heart of efforts to tackle the housing shortage. It states that giving older people greater choice can help to free up family homes and create movement across the housing market, releasing up to 870,000 family homes to the market.

Their survey shows that half of the over-65s see the cost of stamp duty tax as a reason not to move home in their later years. Furthermore, 49.5% of over 1800 respondents said that the levy on the value of your property was a barrier to moving and a major disincentive to ‘rightsize’. The survey also underlined the Commission’s findings that a cultural shift was required to enable positive pathways for those who may need to ‘rightsize’ but felt dominated by the more conventional ‘downsizing’ narrative of loss, disruption and the emotional labour of moving. 

The Commission’s key recommendation is the proposal for a pilot Stamp Duty relief scheme which mirrors that offered to first-time buyers. The proposed later-life rebate on Stamp Duty would apply where the buyer is over a certain age threshold (the report suggests 65) and is purchasing a residential property replacing their main residence. If the previous residence is sold after the purchase of the main residence then the refund would become available. However, the Housing Commission suggested that this should not be made available to homeowners who own second homes or buy-to-let properties.