Home sales collapse in July after stamp duty holiday deadline is passed

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Home sales collapse in July after stamp duty holiday deadline is passed


UK home sales fell 62% last month as market activity cooled following a rush to meet the stamp duty holiday deadline, official figures show .

The number of residential property sales fell to 82,110 in July after reaching 213,120 in June – the highest level recorded since 2005 – according to HM Revenue and Customs.

HMRC said that after the June 30 deadline for the stamp duty holiday “an expected but noticeable decrease has been observed”.

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Rishi Sunak introduced the tax break last summer

Still, purchases were still 1.8% higher than in July of last year, when the market remained in the doldrums after the first foreclosure.

The stamp duty holiday announced last summer helped revive activity.

This meant that buyers would not have to pay any stamp duty on properties worth up to £ 500,000.

The tax break is now coming to an end with the threshold lowered to £ 250,000 at the end of June and it will return to its usual level of £ 125,000 at the end of September.

Official figures released last week showed the rush to secure deals by the end of June had pushed house prices to an all-time high. new record.

More recent data for July from Nationwide showed prices starts to cool down.

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