Encouragement for stamp duty exemption for downsizing

A recent survey conducted by Saga has revealed that a stamp duty exemption for those wishing to downsize would encourage those taking part in the survey to move home.

The survey revealed that 73% of those taking part over the age of 50 would support a move of one free stamp duty move if they were to be downsizing. Furthermore, 25% of respondents suggested that the cost of moving home was a serious deterrent in deciding whether to move, despite being otherwise keen to move due to their current property now being too large, or wishing to reduce the day to day running costs of their house.

Supporters for the move say that the removal of stamp duty for downsizing would free up more houses for younger buyers, making it easier for first time buyers to get onto the property ladder. The government has of course already shown their intention to assist first time buyers with their own stamp duty exemption, and it will be interesting to see whether further support in this form will be agreed.

For now the position remains unchanged and stamp duty will continue to be charged at the usual rate regardless of whether a buyer is downsizing. Pressure is however being applied to the government to reconsider its position.

For advice relating to stamp duty on your property purchase, contact our expert Residential Property team on 01604 828282 / 01908 660966.