Our calculations reveal that in only two years a 1% reduction in Stamp Duty could free up 80,000 family homes. The reduction could be for households aged 55-plus who move to a smaller home or retirement housing, As a result, 220,000 more younger households could move into family housing. Because extra moves would be generated, the Treasury would receive an extra £600 million in Stamp Duty revenue.
Fixing Our Broken Housing Market, the Housing White Paper, was published in February 2017. It is especially relevant that this White Paper agrees that helping older people to move could help release more homes for other buyers. Most importantly, Government recognises that cost puts people off moving out of family homes. It promises to find solutions. We will respond to the White Paper showing how our ideas about reducing Stamp Duty can work.