Barclays Urges Stamp Duty Relief for Downsizers to Boost Housing Market

The bank suggests financial incentives could unlock 3.8 million homes by encouraging downsizing, addressing housing supply issues.

Barclays recommends reducing stamp duty for those downsizing to free up housing for families and ease the current market strain.
Around 85% of UK homes are under-occupied, with 1.7 million households open to moving if incentivized, potentially rising to 3.8 million.
The average stamp duty cost has increased to £9,000, deterring many from moving and contributing to a decrease in property transactions.
Proposed incentives include grants, vouchers, and offsetting moving costs, alongside building more age-suitable housing.
Critics argue that such measures might benefit wealthier homeowners more than first-time buyers or hard-pressed families.