Downsizing with an upgrade
It’s not always about space – older homeowners may make a move to cut costs or maintenance, says DEBORAH STONE
ANYONE hoping to downsize from a family house to a more manageable home should be cheering from their rooftops after the Chancellor’s announcement of a stamp duty holiday. Rishi Sunak’s suspension of the land tax on properties up to £500,000 until next April will make it much easier for them to sell in England and Northern Ireland and cheaper to buy a new home – although similar stamp duty holidays have not been announced in Scotland orwales.
Until last week homes for sale in England and Northern Ireland from £125,001 to £250,000 came with a two per cent stamp duty, rising to five per cent for property from £250,001 to £925,000. Higher stamp duty rates on more expensive homes remain the same and homes over £500,000 will still be taxed.
But while the Chancellor’s Summer Statement was widely welcomed for supporting jobs within the housing industry and elsewhere, there were calls for a permanent stamp duty cut for “last-time buyers” to help them downsize.
Phil Bayliss, chief executive of Legal & General and chairman of its over-65s homes brand Guild Living, says: “Covid-19 has shown us that too many people in later life live in homes that do not support their health and wellbeing.
“For this to change we need Government support for purpose-built retirement communities in the form of permanent, targeted stamp duty cuts and reforms to the planning system that define and recognise the benefits that retirement communities offer.”
But downsizing isn’t always a question of moving to a retirement development. It’s not even just about buying a smaller home. For an increasing number of older people, whether retired or approaching retirement, it’s more a case of reducing maintenance rather than space.and sometimes it’s just about downsizing the mortgage or running costs.
That was the case for Mette and Ian Breminer, who moved from a six-bedroom detached house with large garden to a new five-bedroom house that comes with cheaper bills because of its energy efficiency, low maintenance and a 10-year warranty. The empty-nesters moved from Oxted in Surrey to Westerham in Kent after searching for a property that would give them both offices and hobby room.
“Even though we have technically downsized by just one bedroom, we are using the house like it has only two – the master bedroom and one dedicated for guests – which is perfect for what we need,” says Mette. “We ended up shutting off two bedrooms on the second floor in our previous property, which was such a waste, so to be able to use all the rooms to their full potential here is fantastic.”
The Breminers’ new home is at Downsview South, a development of nine contemporary-style homes with views of the North Downs. Just one remains, a five-bedroom detached house for sale at £895,000 (01732 757158; fernham-homes.co.uk), including a garage and electric car charging point.
A second phase, Downsview North, will be mostly semi-detached three-bedroom homes with traditional Kent weatherboard, timber-framed car ports and open-plan ground floors. Prices are expected to be around £700,000.
The developments are a 10-minute walk from historicwesterham on the ancient Pilgrim’sway path to Canterbury.
“This home and location is perfect for what we want and need now,” says Mette. “I intend to involve myself in the community. I’ve already joined a localwi and plan to darken the doors of the U3A once we’ve settled in completely.”