Call for stamp duty to be waived for last-time buyers

By Lauren Burns

New research estimates that there are 3.3million homeowners who want to down-size in the near future, and Nigel Wilson of Legal & General believes waiving stamp duty for so-called 'last-time buyers' would help unlock the property market.

According to the research carried out by L&G and the Centre for Economic and Business Research £820billion worth of property is owned by people over the age of 55 who have 2 or more unused bedrooms. Mr Wilson believes that the cost of buying and selling property is putting many people off down-sizing, or 'right-sizing' as he referred to it. He is calling for a change to stamp duty rules to provide "full relief on all home purchases by those over a certain age". He believes the loss in revenue would be made up for by the stamp duty earned from "younger people buying homes that would otherwise not have been available".

If you are buying, selling or remortgaging a house in Northern Ireland, and want to speak to a property conveyancing solicitor, contact Wilson Nesbitt in Belfast by calling 0800 840 9290.

Or submit your details for a callback from a member of the property team by clicking here.