The question whether over 65s should pay Stamp Duty comes from a report published in the summer. It revealed that Stamp Duty levies are hampering older people’s decisions to sell. Instead of moving to a home more suitable for their needs in later life, over 65s are staying put.

Stamp Duty is a barrier to moving for over 65s

Yes, the results of an over 65s survey done by The Family Building Society, commissioned by the Radix Big Tent Housing Commission, revealed significant stagnation when it comes to the older generation moving home.

In the survey, 58% of respondents confirmed they wanted to downsize. However, 49.45% said that they wouldn’t move because of Stamp Duty costs.

The Rightsizing Report

Following the survey, the Radix Big Tent Housing Commission compiled their Rightsizing Report. Their report reveals that many over 65s are stuck living in homes unsuitable for them. These are homes which are either too large or too expensive to maintain. And while this age group aren’t moving, greater pressure is being put on the supply of homes to other buyers.

The report highlights that if ‘rightsizing’ was enabled at the top of the housing ladder, around 870,000 homes could be freed up. And that would go some way to help ease the national housing crisis.

How a Stamp Duty relief scheme could work

Central to the Radix Big Tent Housing Commission’s report is their recommendation for a pilot Stamp Duty relief scheme. This would be similar to the one offered to first-time buyers. And many campaigners are asking government ministers to consider this for over 65s.

The proposed scheme would apply to buyers over a certain age threshold. In the report they suggest over the age of 65. And it would be available to those who are buying a residential property in the UK to replace their main residence. The stamp duty rebate would kick in once the previous residence is sold, after the purchase of the main residence.

Meanwhile, the report outlines that the scheme wouldn’t be available to those who own second homes or buy-to-let properties.

But it’s not only Stamp Duty that’s the issue

It’s not just Stamp Duty costs putting over 65s off moving. There’s also the crucial matter of a lack of suitable homes for this age group to move into. The survey revealed that 53% of respondents feel put off from moving due to a lack of suitable property options available to them.

And when it comes to suitable properties, the report refers to ‘rightsizing’ as opposed to ‘downsizing’. It’s not always a case of a smaller home with fewer bedrooms or communal, assisted living being needed for over 65s. As people live longer and can remain independent, many over 65s want to live in their own home. But it needs to be the right home for them. By right we mean the design and layout of the home works for them from an accessibility perspective. And it also needs to be easy for them to look after and maintain, without expensive running costs.

Right now, especially across Altrincham and the wider areas, there’s little choice by way of homes that offer the comfort, safety and affordability necessary for over 65s. Removing the Stamp Duty would certainly help. But we also need more appropriate properties for our older generation to move into.

Family homes are always in high demand across Altrincham, Timperley, Hale and Bowdon. If you’re looking to move to a smaller property, contact us for a FREE valuation of your family home.

Contact us today on 0161 941 4445 or visit our professional team at our estate agents showroom at 19 The Downs, Altrincham, WA14 2QD.