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Posted on 31st March 2020
In recent years, the Government’s Help to Buy scheme has provided help for new homebuilders to deliver homes for buyers with small deposits.
But in a recent report – The Last-Time Buyer; housing and finance for an ageing society – author Professor Les Mayhew appraised the market situation. Focusing particularly on how those from the baby-boomer generation were finding it harder to make the move to smaller homes due to associated, prohibitive costs such as stamp duty. The report also identified the lack of availability of smaller homes.
Discussing the ‘under-occupation’ issue, Professor Mayhew highlights how this will mean that those of, or close to retirement age, will be caught in homes that are too big for them when, if a range of smaller homes were available, this family sized housing stock could become available for those in the chain demanding this type of property.
One solution that faces challenges outlined in the report, is that of quality park homes as provided by Serenity Parks.
Unlike a bricks and mortar home, there is no stamp duty payable on park homes. This tax applies to the land being purchased and, when you buy a park home, you don’t actually buy the land that your home is situated on.
Whilst other costs are still applicable such as ground rent and council tax, the one tax that is prohibitive to house buyers is eradicated, meaning park homes are much more attractive as a downsizing solution.
Another issue that last-time buyers face is that of accessibility. With 72% of UK adults expressing thoughts that all new homes should be built to suit occupants of all ages and abilities (report commissioned by Centre for Ageing Better CfAB), it is worth exploring a park home as a tangible solution to housing needs. All are single storey and single level and, as part of a gated community, neighbours and residents keep a discreet and watchful eye out for fellow park home owners.
At Serenity, you can choose the style of home that suits your needs. All homes come fully furnished so you can create a brand-new space that is to your exact taste – perfect for the last-time buyer.
If you are looking to buy for the last time and would like the chance to be mortgage free, stamp duty free and free to enjoy a park home lifestyle, please do get in touch with us – we’re here to help.View Full Report here