ISLANDERS who downsize could receive a “stamp duty holiday” if politicians agree to a Budget amendment.
Deputy Tom Coles is asking the government to investigate establishing a one-off stamp duty discount for Islanders wishing to right size their homes.
He argues doing so would increase the supply of family homes in the Island’s housing stock.
In the amendment he clarified that downsizing referred to moving into properties with fewer bedrooms.
It comes following a previous amendment that Deputy Coles brought ahead of the 2024-2027 Government Plan debate about “right-sizing”.
Securing an agreement in principle, it culminated in the release of the Right-Sizing Policy in 2024. However, no financial levy for downsizing stamp duty was included at the time.
The 2022 Right-Sizing Report identified stamp duty was the second most significant financial deterrent to downsizing.
Deputy Coles also requested the government introduce a framework to track the rate of downsizing transactions taking place. This, he said, would “generate consistent and reliable data on right-sizing patterns, helping to inform future policy”.
In his amendment, the St Helier South Deputy said he “does not seek to pressure or displace anyone” but that the move would “help remove one of the most frequently cited barriers that prevents people from right-sizing”.
He said: “A one-time stamp duty discount would remove one of the main obstacles identified in the 2022 Right-sizing Report.
“It would support Islanders who wish to move into homes that better fit their circumstances, while also releasing larger family homes back into the market for younger households who desperately need them.
“There is also a wider economic benefit. By increasing the number of transactions, this measure could help stimulate the housing market and generate activity in other sectors that depend on it. It is a modest, practical reform that speaks to fairness, efficiency and the sensible use of our housing stock.”
The amendment is one of several set to form part of the Budget debate scheduled for the second week of December.
