Saga slams FCA comments as insulting

Friday 18 September 2015

Commenting on the FCAs comments that Britain had a ‘real issue with the last-time buyer’ Saga’s director of communications Paul Green:

Saga slams FCA comments as insulting

"If people have saved and paid for their house over their working lives, it's down to them if they want to fill it with family or live on their own, but setting the generations against each other or talking about 'tackling older homeowners' is not just unhelpful it's insulting. We recently conducted research in association with Wadswick Green retirement village that clearly showed that two thirds of older homeowners would like to consider moving home ready for retirement but are prevented from taking that step - either because there aren't sufficient appropriate properties to move to, or the costs to move far outweigh any benefit from doing so.

 

"One of the solutions Saga has researched is allowing one stamp duty free move for those rightsizing for retirement which, according to independent economists CEBR, would release 111,000 family homes onto the market. This is a win for older homeowners who want to downsize, but also for younger families that want to move up the ladder and also for the exchequer. The research shows that by giving this tax free move it would be counterbalanced by an estimated £461 million of stamp duty that would be generated by the house sales that might otherwise not have taken place.

 

"If we want to tackle the housing crisis we need to do so holistically. First time buyer schemes for the young are a good start, but we need to consider incentives to help encourage those that would like to move, to take that step. The FCA are right, we definitely need to do more and do it better, but using divisive language will only alienate the very people we need to help and encourage."

 

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