{"id":28210,"date":"2024-07-25T11:43:08","date_gmt":"2024-07-25T10:43:08","guid":{"rendered":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=28210"},"modified":"2024-07-30T14:49:37","modified_gmt":"2024-07-30T13:49:37","slug":"could-pensioners-boost-the-housing-market","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=28210","title":{"rendered":"Could pensioners boost the housing market?"},"content":{"rendered":"<p>Leading economists have suggested that the government should make pensioners exempt from stamp duty. The chancellor, Rachel Reeves, has been advised that the move would stimulate the housing market and wider economy.<\/p>\n<p>A Policy Exchange report suggests that the impact of Stamp Duty Land Tax (SDLT) on inheritance is one of the reasons older home owners are reluctant to move, and that the tax discourages sellers of larger homes who would otherwise downsize their home in later life.<\/p>\n<p>Stamp duty is a percentage of the property price paid when you purchase a property. The more expensive the property, the more tax you have to pay. Homes valued at \u00a3250,000 or less are currently exempt from stamp duty, while sellers of homes valued between \u00a3250,000 and \u00a3925,000 pay 5% tax.<\/p>\n<p>Stamp duty is not index-linked to house price inflation and the average UK home is valued at \u00a3285,201.<\/p>\n<p>While pensioners would pay less for the smaller property they might move to, the homes they vacate would boost the number of market transactions which would benefit the Treasury.<\/p>\n<p>At current levels, the tax generated from stamp duty is on average around \u00a313 billion a year. However, during the temporary cut that was introduced in 2022 to boost the housing market after the pandemic, the housing market surged and income from the tax rose to \u00a317.5 billion.<\/p>\n<p>Property tax advisor, Cornerstone Tax, has called for an overhaul of the stamp duty bands which, it says, will stimulate activity in the lower-priced property market, arguing that &#8220;well-targeted&#8221; reforms to Stamp Duty would benefit the housing market. In addition, a reduction in the amount required to get a mortgage offer would improve buyers&#8217; affordability calculations, thus particularly benefiting first time buyers.\u00a0At the same time, the release of larger properties to the housing market would allow those looking for a larger home to move up to free up lower-end properties.<\/p>\n<p>\u00a9<a href=\"http:\/\/www.propertysurveying.co.uk\/INDEX\/INDEX1.html\">www.PropertySurveying.co.uk<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Leading economists have suggested that the government should make pensioners exempt from stamp duty. The chancellor, Rachel Reeves, has been advised that the move would stimulate the housing market and wider economy. A Policy Exchange report suggests that the impact of Stamp Duty Land Tax (SDLT) on inheritance is one of the reasons older home &hellip; <a href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=28210\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Could pensioners boost the housing market?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":22752,"parent":22331,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"folder":[562,565],"class_list":["post-28210","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Could pensioners boost the housing market? - Property Surveying NEWSLETTER<\/title>\n<meta name=\"description\" content=\"Leading economists have suggested pensioners should be exempt from stamp duty to stimulate the housing market and wider economy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=28210\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Could pensioners boost the housing market? 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