Malcolm Clare, a retired salesman from Swindon, is facing the financial hurdle of stamp duty while attempting to downsize to a smaller house. This issue resonates with many in his generation who are unable to afford the tax, effectively preventing them from moving to more suitable properties in retirement.
For the festive season, Mail+ is re-running some of your favourite pieces of the year. Merry Christmas!During his 32-year career as a salesman for the American food giant Del Monte, Malcolm Clare was affectionately known by friends as the man who liked to say yes — after actor Brian Jackson in the company's adverts, who approved the fruit it used: 'The Man from Del Monte, he say yes.'
'The Government should encourage us golden oldies to move out of our big houses,' he says. 'But it has made downsizing an unviable financial proposition for many of us.' Members of the 107-strong One Nation Conservatives, a group of 'moderate' Tory MPs, believe such a bold step would free up the housing market, enabling people to move down and up the property ladder; increase the number of transactions; and provide a boost to the economy.
Stamp duty is seen by most homeowners as an iniquitous tax — a form of double taxation. It is also an impediment to moving home, because the rate ratchets up as the purchase value of a property increases. Stamp duty is seen by most homeowners as an iniquitous tax - a form of double taxation. It is also an impediment to moving home
'We're not getting any younger,' says Malcolm, 'and the stairs in our home will become a challenge sooner rather than later.' Can't move: Anne Savory and her husband Ted want to sell their home in West Suffolk and move closer to their children 'The housing market would also receive a great boost and the bungalow we live in could become a family home again.'
Stamp Duty Downsizing Retirement Housing Economy
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Downsizing dream blocked by stamp duty, say retireesMalcolm and Lynne Clare, a retired couple from Swindon, are facing the dilemma of downsizing due to the prohibitive cost of stamp duty. They are among many retirees who are prevented from moving to smaller properties despite wanting to. This issue has gained traction among Conservative MPs who are urging Chancellor Jeremy Hunt to address it in the upcoming budget.
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