A new report calls on the government to scrap stamp duty on pensioners and encourage businesses to downsize.
According to research by Policy Exchange, single people over the age of 65 own and live in 1.1 million homes with two or more spare bedrooms in the UK.
The report suggests new homes should be built specifically for pensioners, or “aging baby boomers,” to free up housing for young families.
These changes will “allow more baby boomers to move into homes suitable for retirement, releasing more family homes into local housing markets, and It gives many baby boomers the opportunity to access the housing equity they have accumulated in their spare bedrooms.”
The report’s author, Jack Airey, said: “While discussions around the housing crisis tend to focus on the experiences of young people, some of its deepest impacts are also being felt by older generations.” said.
“Too many older people live in homes that limit their physical and mental health, with unsafe stairs and inadequate heating. By building more homes suitable for older people, we can of retirees will be able to live in homes that support healthy, happy lives.”
“It will also give more people the opportunity to downsize and unwind their home equity, freeing up funds for retirement and saving money by moving into homes that are easier to maintain and cheaper.”
“The aim, we argue, should be to encourage people to migrate at a younger age, avoid more traumatic migration later in life, and reduce demand for residential care facilities. , this can be achieved by increasing the supply of high-quality, desirable housing suitable for older people,” he added.
In 2017, Philip Hammond abolished stamp duty for first-time buyers of homes worth up to £500,000.
