Politicians Call for ‘Help to Move’ Package to Help Older People Downsize

The All Party Parliamentary Group (APPG) on Housing and Care for Older People has urged the Government to offer a package of financial support and advice to make it easier for older people to move home if they wish to downsize. The ‘Help to Move’ scheme would include a stamp duty exemption for older people buying lower value homes, an equity loan offer - similar to ‘Help to Buy’ - and advice linked to new pensions freedoms. The inquiry’s final report argues that a ‘Help to Move’ equity loan would help older homeowners with lower value properties ‘bridge the gap’ between the value of their home and the purchase price of a new retirement property – pointing out that many older people cannot easily access mainstream mortgage lending, even when they can afford the repayments. Read more on the Demos website.