Getting up with downsizing
A RELATIVELY small story has seen a disproportionate response online, demonstrating perhaps just what a sensitive issue ‘downsizing’ from the family home can be.
The States wants ideas on how to make it easier for people, to help ensure that the island’s limited housing stock is serving the whole population to best effect.
But immediately the problem emerges – as it does when discussing government moves to retain older islanders in the workforce. You can have all the bright ideas you want – but personal choice will dictate above all initiatives. If the incumbents don’t want to move, then they won’t.
So it’s a good job E&I, in announcing the survey, says it’s got no plans to force anyone from their homes.
Certainly though, for what might be a limited number who are prepared to move, there’s value in easing the system.
The States introduced ‘downsizing relief’ on stamp duty in November 2022. When questions were asked earlier this year, 45 transactions had benefitted, saving up to £10,875 each. The relief is due to be pulled at the end of this year as the States assesses its impact.
The online views to the consultation have been strident, to say the least. Value, and savings from downsizing can be hard to find, and what you pay in tax is a clear deterrent.
But this is certainly an issue worth looking at as the impact on the whole market could be significant – if people are prepared to leave the family home.