Published in the Daily Express on 6 September 2024


Stamp duty in England and Northern Ireland is expected to rise next year with no sign of the new Government extending temporary changes to thresholds. Since September 2022 there’s been no stamp duty on properties up to £250,000 but from March 31 homes sold for between £125,001 to £250,000 will be hit with a 2 per cent property tax.

The other thresholds will be unchanged: 5 per cent for homes at £250,001 to £925,000; 10 per cent for £925,0001 to £1.5million and 12 per cent for anything above.

So whether you’re a first-time or a last-time buyer, if you’ve been putting off a decision to move, now is the time to get a wiggle on. You could save yourself thousands.

First-time buyers will still be sheltered from stamp duty on homes up to £300,000 but there’s no extra help for last-time buyers.

Downsizing has become more popular, partly because of the cost of heating familysized homes, but whether you just want to buy a smaller property or move to a retirement development the basic criteria for choosing a last-time home are the same.

“Start with the big questions, geography and environment being the top two,” says John Lavin, managing director of Cognatum, a management company for more than 60 UK retirement developments.

“The question of location is always difficult. Is it best to stay in an area you’ve lived in for years or to move to be near family? Or to pick a new area that meets other needs or aspirations?

“There’s little question that staying in a familiar area is a safe option so, before waving goodbye to an area that’s been home for decades, think hard about how you’ll feel about leaving your established support network.”

Check whether your children intend to stay in an area long-term, he says, and make sure that wherever you move to has good bus and rail links – because you’re not always going to be able to drive everywhere.

“From a more day-to-day point of view, the ability to walk to facilities such as shops, pubs, church and local friends shouldn’t be underestimated,” he adds and suggests using the internet to check community websites and Facebook groups for information on local clubs and activities.

You can also use Google Street View to check out the street where a property is for sale. It’s free and may save you time and money on a wasted journey.

Also, if you like the idea of a retirement village home with a gym, pool, café and lounge, most will have a guest apartment that you can stay in to experience what later life can look like.

“This is an opportunity to live in a different way,” says Lavin. “Ergonomics that suit you rather than a big family. Less requirement for ‘stuff’, possibly fewer rooms but no compromise on proportions.”

In other words, now’s the time to put a move on.

PRETTY PAD: Cognatum’s over-55s scheme Penstones Court in Oxfordshire, on the edge of Stanford in the Vale near Wantage, has a two-bedroom cottage for sale at £350,000 leasehold with no onward chain (cognatum.co.uk)

 

 


For more information:
01491 821170
property@cognatum.co.uk / www.cognatum.co.uk/properties-for-sale/

Cognatum, a not-for-profit company, has 60 retirement estates in 21 counties across central and southern England, a total of 928 retirement homes. All are in prime locations within vibrant market towns or villages, within walking distance of shops and restaurants. Each estate benefits from thoughtful architecture, landscaped grounds, and a dedicated estate manager.