Millions of Brits dreaming of moving to a smaller home could finally get their wish – if the government scraps stamp duty for downsizers. That’s the call from Barclays bank, which reckons ditching the tax could unleash 3.8 million homes onto the market.

Right now, a staggering 85% of us live in homes with at least one spare bedroom, according to Barclays. And while 1.7 million homeowners are keen to downsize in the next couple of years, that number could skyrocket to 3.8 million with the right incentives.

So what’s stopping people from moving?

The answer? Money, mostly.

The cost of moving house is a major headache, and for many, the thought of forking out thousands in stamp duty is just too much to stomach.

Stamp Duty: A Taxing Issue

The average stamp duty bill is now a hefty £9,000 – that’s £3,000 more than a decade ago! While it’s a nice little earner for the Treasury, it’s a major barrier for potential downsizers.

For example, if you’re buying a new home for £500,000, you’ll need to cough up £12,500 in stamp duty. And if you’re after a swanky £1 million pad, be prepared to shell out a staggering £41,250!

Calls for Change

Barclays reckons Chancellor Rachel Reeves should seriously consider scrapping stamp duty for downsizers in her upcoming Budget. They’ve even suggested offering grants or allowing people to offset moving costs against their stamp duty bill.

It’s not just Barclays calling for change. Experts agree that axing stamp duty for downsizers could be a game-changer, freeing up much-needed homes for families struggling to get on the property ladder.

Will the Government Listen?

The pressure is on for the government to act, but with a hefty “black hole” in their finances, will they be willing to take the plunge? Only time will tell.