In the upcoming budget announcement, Barclays is pleading with the Chancellor to cut stamp duty for downsizers after research showed homes “under-occupied'
As Brits prepare for the upcoming “painful” changes Prime Minister Sir Keir Starmer has already warned about in the autumn statement, Barclays is advocating for some specific changes that could provide some relief for the future generation. In a plea to the Chancellor of the Exchequer, Rachel Reeves, the bank urged her to cut stamp duty, particularly for Brits who are trying to downsize their homes in their golden years.
A number of people consider downsizing their properties, particularly in their later years, when the upkeep and maintenance become too much for them to handle or they no longer need so much space when their children have grown up and left the home. However, Barclays claims the current financial measures around downsizing are making over a million Brits delay this move.
It also highlighted that 1.7 million of these households are open to moving in the next to years but many potential downsizers were put off by the costs of moving and stamp duty. UK Finance also found that the tax is a “major barrier” for older property owners, or “last-time buyers”, who want to downsize.
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