Agent warns against ‘politically toxic’ incentives for downsizers

Offering financial incentives for older people to downsize in retirement would be politically toxic, a buying agent has warned.

James Greenwood, of Stacks Property Search, has instead suggested a ‘bedroom tax’ on older home owners with spare rooms.

Greenwood said rumours of plans to offer tax breaks such as a Stamp Duty exemption for downsizers, would not help the housing shortage.

He was commenting on speculation of what could be included in the forthcoming Housing White Paper, but suggested some may back a tougher stance on older home owners.

Greenwood said: “Many people would take the view that the older generation who have too much space should be penalised by inflicting a spare bedroom levy, rather than incentivised to move somewhere smaller.

“The reality is far from simple. In our experience, it is rarely finances that is the obstacle to downsizing. More significant are a fear of change, a reluctance to deal with the hassle, and indecisiveness as to what to replace the existing home with.”

He said the older generation were likely to require more help with moving as they may not be used to searching online.

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One Comment

  1. cybelex

    What a sanctimonious tw*t! The problem is a lack of suitable properties for downsizers to move to; not everyone who wants to downsize is that old that they want to move into a warden assisted flat (no offence, if that’s what someone does want).

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