Downsize your life
The traditional, and still the best, way to release equity from your home in retirement is to sell it and downsize, says Teri Harman
Too few houses are coming on to the market, fuelling record price rises, and there’s a particular dearth nationwide of family-sized homes, according to the RICS (Royal Institute of Chartered Surveyors). The government would like older people to downsize to free up larger houses for younger families. Boris Johnson, Mayor of London, where the shortage is particularly acute, has even made the welcome suggestion that older people who sell up their home to downsize should be exempt from paying Inheritance Tax on their profit and from Stamp Duty on their new home.