A third of people call for stamp duty reduction

Michael Lloyd

November 21, 2019

stamp duty

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

More initiatives to assist first-time buyers is equally important to people at 33%.

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, 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 vastly more supportive of policies which would see more help for first-time buyers.

Some 43% of people in this age group believe this would be the most effective solution to fix housing shortages.

This research comes as the Conservative Party has promised to introduce a First Home scheme to give first-time buyers a 30% discount when selling properties in their local area.

The party also plans for ‘lifetime’ fixed rate mortgages which would involve a 5% deposit for first-time buyers to help renters get onto the housing ladders.

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.

The Conservatives are set to launch their manifesto later today.

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