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Stamp duty and housing for older people
- Author:
- OXFORD BROOKES UNIVERSITY. Institute of Public Care
- Publisher:
- Oxford Brookes University. Institute of Public Care
- Publication year:
- 2016
- Pagination:
- 37
- Place of publication:
- Oxford
This report, carried out for the retirement housebuilder McCarthy and Stone, looks at the potential impact that a reduction in Stamp Duty might have on older people and the wider housing market. It briefly examines the characteristics of the older people and their current housing tenure, the reasons people move, the problems in the UK housing market that may prevent older people ‘downsizing’. It then models the impact of a change in stamp duty. The report illustrates the large numbers of older people living in under-occupied houses and the benefits to them and to the housing market of encouraging or enabling them to move. It suggests that a reduction in Stamp Duty for older people could be a highly effective way of achieving this, at no cost to the Government. Other possible benefits identified include: an improvement in the health and wellbeing of older people through living in accommodation better suited to meet their needs: the development of more retirement accommodation to meet an increase in demand; further stimulation of the housing market by freeing up larger properties for those lower down the housing market ladder. (Edited publisher abstract)