A third believe stamp duty cut is key to solving housing crisis

Michael Lloyd

December 10, 2019

stamp duty surcharge

A third (33%) of people believe a reduction in stamp duty would be the most effective policy in addressing housing shortages, retirement living provider Audley Group has found.

Equally important to people are more initiatives to assist first-time buyers (33%).

However, greater support for older people who want to downsize (30%) and more suitable housing options for older people (30%) followed closely behind.

Nick Sanderson, chief executive of Audley Group, said: “Support for first-time buyers is the drum that is most often banged by political parties of all persuasions.

“And it’s important to voters too. But voters clearly understand that other initiatives are needed to really effect change.

“Reforms to stamp duty and incentives to support downsizing are not ground-breaking policies but they have the potential to revolutionise the UK housing market.

“Successive governments have focused purely on the first-time buyer market. It hasn’t worked; the country still finds itself in the grip of a housing crisis.”

“We live in an era where the population is ageing. At present there is a chronic lack of properties for this population, and no incentive for people to leave homes that we too big for them to manage.

“Yes, we must build more, but crucially these must be high quality properties which can adapt to people’s evolving needs.

“Houses that older people want to move to, with incentives like a stamp duty reduction to support that move.

“The party that acknowledges this could be the one that solves the housing crisis, or at the very least starts to take steps in the right direction.”

Younger age groups, those aged 18 to 34, are more supportive of policies which would see more help for first-time buyers, with 43% believing this would be most effective solution to fix housing shortages.

Those over-55 disagree and think that greater support for older homeowners who want to downsize their property (38%) would be the best way to solve the housing crisis.

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