Property Market Updates
The property market has reopened now across the UK. Estate agents are conducting in-person house viewings again and buyers are able to move home once more.
All UK governments have also temporarily cut stamp duty. This means buyers could potentially save up to £15,000 in tax if they move home before April 2021.
The government has designed stamp duty cut to reignite the property market in the wake of COVID-19. Though there are signs that the wheels were already beginning to turn.
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HMRC’s provisional data shows that 70,710 property sales went through in July, up 14.5% on June’s figures but down 27% year-on-year.
HMRC says the stamp duty holiday is unlikely to impact on transaction figures until late August or early September. However, the property portal Rightmove says more sales are now being agreed than at any point in the last decade.
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