Less Ads, More Data, More Tools Register for FREE

TOP NEWS: UK house prices ease in July on stamp duty relief taper

Wed, 15th Sep 2021 09:52

(Alliance News) - UK house prices took a step back in July, after hitting a record high a month earlier, numbers from the Office for National Statistics showed on Wednesday.

The average UK house price increased by 8.0% in July from a year before, slowing from June's 13% annual surge.

On a monthly basis, prices fell by 3.7% to GBP255,535 from the GBP265,000 record set in June.

This moderation in price pressure was in line with the tapering of the UK government's stamp duty incentive. In March, Chancellor of the Exchequer Rishi Sunak extended the stamp duty holiday from the end of that month until the end of June at GBP500,000, and now a new GBP250,000 threshold applies until the end of September.

From October, the stamp duty threshold will return to July 2020's levels, the ONS noted.

"As the tax breaks were originally due to conclude at the end of March 2021, it is likely that March's average house prices were slightly inflated as buyers rushed to ensure their house purchases were scheduled to complete ahead of this deadline. This effect was then further exaggerated in June 2021, in line with the extension to the holiday on taxes paid on property purchases in England, Wales and Northern Ireland," the ONS added.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

More News

WRAPUP 1-Soccer-Liverpool go top with win over Palace as City held by Saints

By Simon EvansSept 18 (Reuters) - Liverpool went top of the Premier League with a 3-0 win over Crystal Palace on Saturday, while champions Manchester City were held to a goalless draw at home to Southampton.Arsenal picked up their second straight win...

18 Sep 21 20:16

Soccer-Liverpool go top with win over Palace as City held by Saints

By Simon EvansSept 18 (Reuters) - Liverpool went top of the Premier League with a 3-0 win over Crystal Palace on Saturday, while champions Manchester City were held to a goalless draw at home to Southampton.Arsenal picked up their second straight win...

18 Sep 21 19:13

UK business minister seeking to manage impact from gas price surge

LONDON, Sept 18 (Reuters) - Britain's business minister Kwasi Kwarteng said protecting customers during a time of higher global gas prices was an absolute priority and he would meet industry bosses again on Sunday and Monday to work on the issue.K...

18 Sep 21 17:33

UK records 164 COVID deaths, 30,144 new cases

LONDON, Sept 18 (Reuters) - Britain recorded 164 daily COVID-19 deaths and 30,144 new cases on Saturday, official data showed.The new data meant deaths in the last seven days were up 2% on the week before, while cases continued to fall, down 20.4%...

18 Sep 21 16:00

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.