Building society backs Stamp Duty cut for downsizers

Housing policy should focus on making better use of existing stock as well building more homes, a new report claims.

A report by the London School of Economics, commissioned by the Family Building Society, suggests that while more homes need to be built, the key is to optimise the use of the existing housing stock to help the elderly to downsize.

The report suggests waiving Stamp Duty for the over 65s who own more and bigger homes, which would free up homes for families and reduce care costs.

It proposes that local authorities provide complete local plans showing where homes could be built and an increase in funding for social housing.

Mark Bogard, chief executive of Family Building Society Chief Executive said: “Solving the housing crisis is not that hard as our report shows".

“The Government’s latest long-term plan for housing does not address the issues highlighted in our report. 

“Specifically, there is no mention of making the existing stock more efficient, creating more social rented housing, proper support for home ownership, creating a more effective and affordable rented sector or setting achievable targets and updating local plans to reach those targets".

“There has to be greater coherence, consistency and resilience in housing policy which is why we need a Minister of Housing as one of the great offices of state – not a repeat of the shambles of the last 25 years”.