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Survey results: Moving home and downsizing in later life

In partnership with Radix Big Tent Housing Commission

Couple outside house

Alistair Nimmo, Director of Marketing joined LBC to discuss the challenges and opportunities surrounding moving home and downsizing in later life, and why Stamp Duty is one of the biggest barriers to moving.

Listen to the full interview

HALF OF OVER-65s SEE STAMP DUTY AS A BARRIER TO MOVING HOME

We’d like to thank all our Members who took the time to take part in our recent survey and share your views with us. Your feedback helps us better understand the challenges people face when thinking about moving home in later life, and it has played an important contribution to the Radix Big Tent Housing Commission’s latest report.

Key findings

  • Almost half of over-65s surveyed (49.45%) said Stamp Duty Land Tax is a reason not to move home, despite 58% saying they would consider moving to a smaller property in the future and 42% wanting more suitable facilities to help them move.
  • The findings are included in a new report by the Radix Big Tent Housing Commission, which our survey contributed to, alongside a range of cross-sector organisations. The report looks at how to support more people to ‘right-size’ — moving into homes that better meet their needs in later life.
  • The report recommends a relief on Stamp Duty Land Tax, similar to the support available to first-time buyers, which could help release up to 870,000 family homes back into the market.

You can view coverage of their report here:

The Telegraph: Cut stamp duty for over-65s to boost property market

Alistair Nimmo, Director of Marketing at Family Building Society, comments:

“Our survey shows that 57% of over-65s would consider moving to a smaller home in later life, and that around half see taxation as a reason not to move. These findings underline the importance of making it easier for people to move into homes that better suit their needs.

There is clearly a desire among many over-65s, as well as many under this age bracket, to find a more appropriate home for the later stages of life, and we believe the report offers constructive recommendations for government to help make that possible.”

You can read the full report here:

Radix Big Tent Housing Commission’s report