Stamp Duty Hits Downsizers Says LSE

Hawk & Chadwick

Alasdair Gravestock Du Melville - Director

Alasdair Gravestock Du Melville – Director

Some readers may have tuned in to BBC 3 Counties radio recently and caught my opinion piece on the Robert Perrone Show discussing the news that the London School of Economics have put forth the theory that downsizers are hampered by the cost of Stamp Duty.

This is certainly something that comes into the mix, perhaps more so for those moving to a smaller yet more expensive property, or those purchasing a second home and incurring the 3% Stamp Duty levy introduced earlier in the year, but many of my recent clients have said that it’s simply a matter of a lack of somewhere to move to.

The problem then surely is to identify fresh sites for building not only affordable homes, new homes and swathes of retirement flats, but also something to span the gap for those approaching or stepping over the threshold of retirement who may wish to take on a smaller house or bungalow which is easier to manage and maintain as they advance in years.

Should we be working as a community to petition local authorities and the government to relax planning laws and push developers to build more bungalows and developments aimed at downsizers?

Food for thought, and it will be a question of whether developers can gain similar profits from such development as they otherwise would from new homes and flats aimed at a more youthful audience.

For bespoke market information on your property, contact Alasdair at Hawk & Chadwick on 01582346111.

 

 

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First posted August, 2017