Scrapping stamp duty for older home owners looking to downsize to a smaller home downsizers would help free up larger family homes for families who need them and boost sales.
Investment manager, Hargreaves Lansdown has discovered that younger people – between 18 and 34 are now more likely to be downsizing rather than taking on larger loans to move.
Older home owners in the UK who want to downsize to a smaller property are being hampered by a lack of smaller homes for sale, research suggests.
Over half of older home owners in Britain say that they cannot see themselves moving out of their property and downsize as they want to hold onto happy memories.
Healthcare company Octopus and property development specialist Places for People have launched a new £200m retirement housing business which aims to build more than 2,700 homes in the next five years.
Nearly half of home movers in the UK plan to downsize in the next three years and on average realise up to £200,000 by doing so, according to new research.
Some 46% plan to sell and buy a smaller property and by downsizing from a detached to a semi-detached home they could realise a windfall of £117,230 of £200,000 in London.
Downsizing was cited as the single most popular factor for moving, according to data provided by Lloyds Bank with research showing that the popularity of downsizing has grown in recent years, buoyed by the anticipated returns.
The figures show that average age for a downsizer is 53, at which point the greatest number, 37%, of downsizers had lived in their home between 11 and 20 years.
A lack of suitable homes for downsizing is preventing a large number of home owners in the UK from moving to a smaller property, it is claimed.
Some 33% of home owners aged 55 and over are considering or expect to consider downsizing, but a lack of suitable options is preventing them from moving, a new report says.
Rics says more should be done to encourage older people to vacate their houses
‘Unhelpful and insulting’ comments by FCA member draw criticism from Saga, but it acknowledges encouragement should be given to those who want to move
Meeting the needs of last-time buyers could prove crucial in solving Britain’s housing crisis, according to a Legal and General report.
Research carried out by the group shows there are 3.3m home owners aged 55 or over who are looking to downsize.
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