Older homeowners living in large properties may be encouraged to downsize and free up housing for families, according to plans expected to be announced by the government this month.
And our latest poll results reveal that the majority (48%) of Moneywise.co.uk users would indeed consider downsizing if an incentive was offered.
This figure consists of 39% who said they would be more likely to downsize if they didn’t have to pay stamp duty to buy a smaller home, and 9% who said they would be more likely to downsize if the government provided help with moving costs.
Just 2% of the 1,099 people who voted said they would be more likely to downsize if they knew their home was going to good use, for example, to a family who really needs it.
However, nearly half of voters (45%) said sweeteners would just be a bonus and that they would only downsize on their own terms.
A further 5% picked the ‘Other’ option, with reasons why including; “I’d consider downsizing if I’d get help with stamp duty and moving costs as well as knowing my home was going to a family who need it.”
However, some users highlighted that there aren’t enough suitable homes to downsize into and that if more properties were available they would be more open to moving.
See the full poll results below (click to enlarge).