As Chancellor Rachel Reeves prepares to deliver the Autumn Budget over-55s are making their priorities clear with stamp duty reform topping the list.
New research from Audley Villages shows that two in five (40%) over-55s – equivalent to 8.7 million people – believe abolishing or reducing stamp duty would be the most effective measure to improve the housing market.
The survey also found that 38% would like greater support for those looking to downsize, while 37% called for more suitable housing options for older people.
Assistance for first-time buyers was also highlighted, with 36% of respondents signalling that government support for the group would help tackle the housing crisis.
DELAYING DOWNSIZING
The findings come amid mounting speculation over potential changes to property taxation, including possible reforms to stamp duty and council tax, or even the introduction of a mansion tax.
For many older homeowners, this uncertainty is influencing their decisions: 19% are waiting until after the Budget to make downsizing moves, and 13% are now less likely to move at all.
SILVER OPPORTUNITY
Nick Sanderson (main picture), Chief Executive of Audley Group, says: “Property taxes and the lack of suitable housing options are high on the agenda for over-55s.
“If the government wants to encourage downsizing, freeing up larger family homes, it must support the creation of more age-specific properties, in the right locations, and provide an incentive to move.
“Current speculation around property taxes, or a mansion tax, risks doing the opposite, creating more barriers at the top of the market.
“The Autumn Budget presents an opportunity to deliver policies that provide real, tangible benefits to both our housing and care systems, and I hope the government can grasp that with both hands.”
