Downsizing may become unaffordable for families across the country if the stamp duty discount is not extended, experts have warned.
The average bill for a downsizer is currently £2,500, but estate agent Hamptons has said this could rise to £2,850 if the discount is axed.
It is feared that Rachel Reeves could scrap the stamp duty discount in the upcoming budget on Wednesday. She added: 'As the burden of stamp duty has risen over time, it has become more of a consideration for downsizers, adding to a list of reasons to stay put.' Last week, property guru Kirsty Allsopp criticised the expected changes in the budget, saying it would spark 'chaos' in the housing market.
Chris Sykes, of mortgage broker Private Finance said that the move could put off selling for many clients who have larger houses.
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