Spring statement: The chancellor's stamp duty relief is working for FTBs so why not introduce for downsizers?

13 March 2019

John Phillips, group operations director at Just Mortgages and Spicerhaart said: “The chancellor has just announced in the Spring Statement that 60,000 first time buyers have benefitted from the stamp duty relief since it was announced in the Autumn budget.

“At the time, I welcomed this move, as stamp duty is one of the biggest barriers for first time buyers entering the housing market. And I think that the chancellor needs to look at the positive impact this has had on first time buyers and do something similar for last time buyers.

“Many older people who want to downsize – either to release cash from their properties, or to move to a more suitable home – are put off because stamp duty makes even downsizing a costly exercise, and this is one of the reasons why equity release is becoming so popular. We know the housing market is struggling at the moment, so we need to open up incentives for people already on the housing ladder as well as those looking to take their first step into order to get things moving again and give second and third steppers more confidence in making that next move.”