| 'The only way we can downsize is by paying stamp duty bill for buyers' | |
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| by BXt | Date 2024-05-04 06:06:14 | hit 8 |
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이름 : Bettie Patel 이메일 : bettiepatel@live.nl 휴대폰 : 주소: (3024) -문의사항- Crime fiction writer Sharon Birch, 58, and her partner Stephen are desperate to downsize from their five-bedroom townhouse in Seaton Carew, Hartlepool. They are among the almost 90 per cent of people aged over 65 who are rattling around homes that are now too big for them, according to figures from research institute the International Longevity Centre. But like millions of homeowners who would like to downsize, Sharon and Stephen's plans are being thwarted by stamp duty, which they say is putting off potential buyers and leaving them stuck in a home that no longer suits them. In fact, Neo Drops Erfahrungsbericht Sharon is so worried about it that she is willing to pay a potential buyer's stamp duty out of her own pocket — just so that they are not deterred from purchasing it. Desperate measures: Sharon and Stephen Birch don't want buyers to be put off The couple's children have long since flown the nest — they now have five grandchildren. The granny annexe and large garden that were once a huge asset to the couple are now a burden requiring upkeep and maintenance. ‘We really need to downsize as it's too big for us now that the family have moved out,' says Sharon. Sharon and Stephen long instead for a more manageable bungalow — and have set their sights on one — if they can only find a buyer for their own home. Their property will go on the market this week for £280,000 with Manners & Harrison in Hartlepool. At this price, potential buyers will be forced to pay £1,500 in stamp duty. Anyone considering buying it as a second home or to rent out would pay nearly £10,000 in tax. Only first-time buyers, who have an exemption for paying stamp duty on properties worth up to £425,000, would avoid stamp duty all together. Sharon and Stephen's five-bedroom townhouse in Seaton Carew, Hartlepool, will go on the market this week for £280,000 with Manners & Harrison. At this price, potential buyers will be forced to pay £1,500 in stamp duty Sharon worries that for home movers or landlords with a budget of £280,000 a significant tax bill such as this would be a huge deterrent. Stamp duty most commonly puts off downsizers because it eats into the amount of money they could free up by moving to a smaller home. Moving home and transforming it into somewhere you are happy to live throughout your retirement years costs enough as it is — adding a tax bill worth thousands of pounds on top can make it feel like it's not worth bothering. Sharon and Stephen's living room in their five-bedroom townhouse in Seaton Carew, Hartlepool Anyone considering buying the property as a second home or to rent out would pay nearly £10,000 in tax Only first-time buyers, who have an exemption for paying stamp duty on properties worth up to £425,000, would avoid stamp duty all together Stamp duty is a barrier to selling across the housing market. Jennie Hancock, of Property Acquisitions, says: ‘I have sellers moving from a £2 million house who only downsize by £500,000,' she says. ‘For some, paying £90,000 in stamp duty is a deterrent.' However, even downsizers — such as Sharon — who do not face a large bill themselves may still be hit by the impact of stamp duty, as it can put off potential buyers of the home they are looking to sell. Sharon feels that the level of stamp duty is a deterrent to young couples looking for a family home and especially unfair given the tax was cut to nothing for properties valued at under £500,000 during the pandemic. ‘It's ridiculous. The Government should have increased the stamp duty thresholds so that they rose with house price inflation — the current system makes no sense whatsoever. Stamp duty is such a disincentive for buyers — we feel we have no option but to offer to pay the stamp duty.' |
