Renaissance Villages offers to pay stamp duty to unstick ‘Generation Stuck’
14 Aug 2017
With research released last week revealing that over one million pensioners are discouraged from downsizing as a result of stamp duty charges, leading retirement developer Renaissance Villages has pledged to cover the stamp duty fee for a selection of its apartments and cottages. The YouGov research shows that retirees are put off from downsizing as a result of punitive moving costs, a factor which has a direct effect on the availability of housing for buyers further down the ladder. By covering the stamp duty costs for a selection of properties across three of its retirement villages, Renaissance Villages hopes to incentivise over 55s to make advantageous downsizing moves and, in doing so, assist in freeing up much needed homes for families looking to upsize.
Renaissance Villages’ current developments include Bramshott Place in Liphook, Hampshire; Durrants Village in Faygate, near Horsham, West Sussex; Millbrook Village in Exeter, Devon; and Maudslay Park in Great Alne, near Stratford-Upon-Avon, Warwickshire. Each of these villages comprises a selection of apartments and cottages, many with private balconies or terraces and an on-site clubhouse, including a swimming pool, gym, bar, restaurant and library.
Will Parry, head of development at Renaissance Villages, comments: “We strongly believe that the Chancellor should introduce a downsizing stamp duty discount in the Autumn Budget. In the meantime, we are committed to supporting ‘Generation Stuck’ to make the downsizing moves into excellent quality contemporary homes, in which retirement can really be enjoyed.”
The stamp duty discount will be applicable for buyers exchanging on one of selection of properties at Millbrook Village, Durrants Village and Maudslay Park before the end of October 2017.
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