The government should reform stamp duty for those wishing to downsize in Wednesday’s Budget, Legal & General Mortgage Club director Jeremy Duncombe has urged.
He reckoned doing so would free up housing supply by ensuring larger homes are available for families to move into.
Duncombe (pictured) said: “One topic that wasn’t mentioned in the White Paper… was the need for stamp duty reform, particularly for those who need to downsize.
“This area of the housing market has continually been overlooked by the government, yet it could play a significant role in solving our country’s housing crisis.
“By using stamp duty incentives to free up additional housing supply, the government can help ensure that families have more access to the larger homes they need and that smaller properties are available for first-time buyers.”
Duncombe added that he welcomed plans in the Housing White Paper and Autumn Statement, though he felt the proof will be in the pudding when the government delivers on its promises, which include a pledge to make homes constructed offsite mortgagable and a commitment to increasing custom build activity.