end-of-June stamp duty holiday deadline, and completed much of their purchases by the end of the second quarter this year. Hence, it came as no surprise that in the month of July, house sales tumbled in the European nation by almost two-thirds. According to data that was published recently, a total of 82,110 house sales were reported last month, amounting a 62 per cent decline from June, which was described by HMRC as “an expected but noticeable decrease”.
The stamp duty holiday, which came to an end on 30 June, saved up to £15,000 for a single buyer, and some experts point out that the relief measure had a powerful psychological effect which went beyond the actual amount that could be saved.
On the other hand, it is widely perceived that the tax break was responsible for the mini boom in the UK’s housing market, with figures issued by the Office for National Statistics revealing that during the 12 month period which ended on 30 June, house prices rose at their fastest rate in almost 17 years. Nevertheless, there are several other factors which also contributed to this price growth, including new government guarantees for mortgages and the surge in demand for houses with more room to work from home.
