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Second-home buyers and buy-to-let investors will potentially save thousands of pounds due to the stamp duty holiday. All property buyers benefit from the tax break announced by Chancellor Rishi Sunak in the summer of 2020, which was recently extended and tapered until September 2021. This means that those buying additional properties, such as a second home or as an investment, only pay the tax at a rate of three percentage points on the first £500,000 of a property’s price. Outside the holiday, these buyers would pay this surcharge on the first £125,000, after that they were charged 5pc on the

In recent times, the UK property market has witnessed a remarkable surge in buyer demand, driving average house prices to their highest levels since 2007. Let’s delve into the dynamics shaping this unprecedented phenomenon. Rapid Surge in Buyer Demand: Buyer demand across Great Britain has surged by an impressive 52% in April 2021 compared to April 2019, mirroring a similar trend in London with a notable increase of 48%. This surge in demand is indicative of a strong rebound in the property market, signifying renewed confidence among buyers despite uncertainties brought about by the pandemic. Impressive Growth in House Prices:

The extension of the temporary tax break has reinvigorated the UK housing market. The Royal Institution of Chartered Surveyors (RICS) recorded a jump in UK homebuyers–the highest since September. Although the latest House Price Index reflected a dip in March, property analysts attribute the slowdown to the original 31 March deadline of the stamp duty holiday. Fortunately, Chancellor of the Exchequer Rishi Sunak has since extended the tax break until 30 June and activity indicators have since reflected a rebound. Lockdown-weary Brits are taking this opportunity to find bigger, greener spaces for a better quality of life. As a result, demand is exceeding supply

Annual price growth slowed to 5.7% in March compared to 6.9% in February in what analysts partly attribute to the original due date of the stamp duty holiday which since been extended Earlier this year, there were reports that the UK housing market had lost its momentum. In March, it was confirmed by official figures that showed, for the first time in nine months, the housing prices had fallen in January. As indicated by the latest House Price Index by Nationwide, in the UK, the annual house price growth was 6.9% in February and had slowed down to 5.7% in