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Chancellor urged scrap Stamp Duty for Downsizers to free up family homes

Chancellor urged scrap Stamp Duty for Downsizers to free up family homes

Dropping Stamp Duty for Downsizers could help the Government re-boot the housing market. 

That’s according to developers behind Bath Riverside who have backed industry calls for Chancellor Philip Hammond to include the measure as part of his Autumn Budget on October 29. 

Leigh Pitts, Marketing Manager at Crest Nicholson said: “Buyer demographics have revealed the role Bath Riverside is playing helping energize the regional and national housing market. 

“Our brand-new apartments are particularly attractive to Downsizers, offering them a high-quality apartment in the middle of a World Heritage City and freeing up larger and perhaps under-used family homes elsewhere.

“This in turn increases mid-level supply and creates opportunities for First Time Buyers as people move up the Property Ladder.” 

Leigh added: “Any measures which could give First Time Buyers more clout in the housing market would be welcomed. It is vital we make it easier for people to get on  and revitalise the sector from the ground up.” 

Bath Riverside is an ideal option for Downsizers providing quality apartments in an iconic community setting. 

Leigh Pitts said: “We understand people looking to downsize need to take their time on decisions of this importance in order to ensure they are making the right move at the right time. 

“A key feature of the Downsizing Experience is looking at the belongings which might have been built over the course of a lifetime and deciding what can be left behind. 

“Ironically a number of our Downsizers have told us they felt the whole process - distilling the contents of ten or a dozen rooms into a modern, purpose-built apartment - had been unexpectedly liberating.” 

Leigh said Bath Riverside’s proximity to the town centre, with flat and level riverside paths into the shops and other facilities – were key considerations for people looking to downsize.

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