Buyers back stamp duty cut for downsizing pensioners

PUBLISHED: 20th Sep 2022

There are whispers amongst the corridors of Whitehall to encourage pensioners to downsize with a stamp duty break.

The move welcomed by the National Association of Property Buyers (NAPB) has welcomed this move and will free up the market whist allowing pensioners to move without the penalty of high stamp duty and would certainly encourage more people to do move as a consequence.

Currently a pensioner selling a family home at £700,000 to buy at £500,000 would face a £15,000 stamp duty bill and with other associated costs, this figure means that Pensioners cannot bring themselves to pay when leaving a much-loved family home.

David Phillip commented “this could be excellent news for retired people wishing to downsize – the cost of living and rise in household bills has certainly given pensioners much to think about at this time”.

If you are considering a downsize or house move and would like a free market-appraisal call David Phillip on 01134 676 400

David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds, LS16 9AN w: davidphillip.co.uk

Covering the areas of North Leeds, Bramhope, Poole-in-Wharfedale, Adel, Cookridge and Otley

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