Stamp duty changes could help older sellers downsize
Changes to the UK's stamp duty land tax (SDLT) could help older homeowners downsize and improve the country's housing stock, according to a report by the London School of Economics and the Family Building Society. However, Chase de Vere certified financial planner Patrick Connolly said that while SDLT was a major problem, it wasn't the only barrier to older homeowners, and said finding "somewhere else to live that meets the criteria for their lifestyle" was also an issue. Chancellor Philip Hammond is not expected to scrap or change SDLT in next week's Budget.

A report published today by the London School of Economics and The Family Building Society found potential downsizers cannot buy something that costs the same as their original house without spending large amounts of money on stamp duty - but they can stay where they are for free. It found those aged between 51 and 80 were most likely to say they intended to downsize. It said older retired people in big family houses who are looking to move to a more manageable property should be incentivised to do so, as it would be beneficial to their own wellbeing as well as improve the efficiency ...