Barclays has called for government tax breaks and financial incentives for downsizers, suggesting these could free up 3.8 million properties for families in a strained housing market.
Mark Arnold from Barclays stated, 'A stronger, more holistic strategy is needed to tackle the immense issues faced by the housing market,' underscoring the need for comprehensive reforms.
Lucian Cook from Savills emphasized that 'reducing the stamp duty burden on downsizers could encourage more people to move,' thereby maximizing the use of existing housing stock.
Critics, including mortgage broker Martin Stewart, argue that 'such tax breaks would disproportionately benefit wealthier homeowners rather than first-time buyers or hard-pressed families', raising fairness concerns.
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