July move ‘popular’ among older Britons

July is regarded as the most popular month for people over the age of 50 to move house, according to Saga Home Insurance.

Figures released by the group indicate that more people in the over-50s bracket have moved house in July in the last five years than any other month.

Downsizing appears to be popular among over a third of respondents in the poll, with many wanting to move to a smaller home.

Some 34 per cent of respondents also cited the desire to be closer to family as a motivating factor to move.

Andrew Goodsell, chief executive of Saga, said: “We can see that family is a key influencer on where future retirees will migrate to, but we can also get a sense of just how people plan to spend their retirement – with shopping and social activity as key attractions when searching the area to retire to.”

Mr Goodsell said that people moving home might consider taking on Saga Home Insurance, which might help them minimise the stress of moving home.

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Stamp duty reforms get mixed response

The housing industry has reacted angrily to Gordon brown’s failure to raise the lower threshold for stamp duty.

Some experts had been hoping that the Chancellor would introduce a higher threshold so that it would be in line with the average UK house price.

The average person now has to get a mortgage above £125,000 lower stamp duty threshold as house prices have risen dramatically in recent years.

However, Mr Brown failed to offer a break to people looking to buy a home in this bracket, meaning that almost all property buyers are now required to pay at least one per cent stamp duty.

“House price inflation remains a key concern for everyone in the UK, particularly first-time buyers and so it is disappointing that this year’s budget has not addressed the UK’s out of date stamp duty thresholds,” commented Duncan Berry, director of mortgage sales at GE Money.

The Chancellor’s promise to completely do away with stamp duty on carbon-neutral homes up to a value of £500,000 however, has bee welcomed, although Nationwide has highlighted that Mr Brown is letting down the poorest in society.

“We feel that it is important to do more to help hard-pressed homebuyers,” said Stuart Bernau from Nationwide.

“We have calculated that if the stamp duty threshold had been raised in line with house price inflation since 1993 it would now stand at £206,000.”

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