The number of house sales in August was 7.6% higher than the same month a year earlier, according to HM Revenue and Customs (HMRC). A stamp duty holiday, which ended last year, distorted the year-on-year figures. Peaks in house sales were recorded in June and September last year as the “nil rate” stamp duty holiday bracket was gradually reduced, as the break was phased out, and home buyers rushed to complete deals to maximise stamp duty savings. “News that stamp duty is set to be cut is likely to light a match under transaction levels. However, if it send prices higher again, this will certainly not help first-time buyers who are already facing rapidly rising mortgage rates and cost-of-living increases.

Source: The Times September 21, 2022 23:24 UTC