CIH: Remove stamp duty to help elderly move
The CIH said the chancellor should to use next month’s budget to make better use of existing homes, increase house building and encourage higher standards of housing.
Grainia Long, chief executive of The CIH, said: “When older people on lower incomes want to move from a home that has become too big and expensive for their needs, stamp duty can stand in their way.
“Removing stamp duty when older home owners who receive Pension Credit move to smaller properties would make downsizing more affordable and would also free up bigger homes for larger families.”
CIH also said the government could take steps to help councils build an extra 75,000 new homes by increasing local authority caps by £7bn.
They added that they could increase standards and choice in the private rented sector by incentivising landlords with tax allowances.
Currently Private landlords benefit from around £7bn of tax allowances per year for deductible expenses such as repairs and maintenance, insurance and professional fees.
Long added: “We need to build 250,000 homes a year to keep up with our growing population, but we’ve been failing to reach that target for decades – the result is a housing crisis in which millions of people are being denied access to a decent home at a price they can afford.
“The budget offers the government a chance to address this and at the same time harness housing’s potential to boost economic growth.”
CIH also raised concerns over Right to Buy.
Long said: “Truly affordable housing is already at a premium – amending the rules could help increase the rate at which replacement homes are built.
“We are concerned that the government’s claim that it can provide one new affordable home for each one sold through Right to Buy will not prove to be the case.”