McStone calls upon government to help downsizers

Aug. 28, 2019
<p><span>The government should do more to encourage downsizing, with more than four in ten adults aged 65 and over calling for changes – equal to almost 5.3 million people, according to research by McCarthy &amp; Stone.</span></p> <p><span>In conjunction with YouGov, the retirement housebuilder found that a stamp duty exemption for would-be downsizers was the most popular solution amongst those who believed the government should help more - 61% of this particular group cited the exemption as their top remedy, the equivalent of more than 3.2 million people, McStone said.</span></p> <p><span>A close second - 59% wished the government to call for the delivery of more specialist retirement housing. Meanwhile, 52% wanted ministers to encourage more bungalow building.</span></p> <p><span>And 55% of those surveyed agreed that stamp duty was dissuading older people from moving, with 56% agreeing that a stamp duty exemption to encourage downsizing would also aid young families and first-time buyers.</span></p> <p><span>McStone said it wanted the government to introduce a Help to Move package, encompassing stamp duty relief to allow older people to move to more suitable accommodation for their needs, and free up existing stock for those further down the ladder. “The initial loss in tax income would be offset …

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