Discover what the pandemic means for buyers, sellers and homeowners
The UK property market has enjoyed a boom of late, with house prices rising by 8% year-on-year – but there are signs that the market may have peaked. A temporary cut to stamp duty rates resulted in soaring prices, but the latest data from July shows that month-to-month price growth fell 3.7% since the 30 June tax break deadline. Here, Which? explains what’s happening to house prices and provides advice on making an offer on a property in these uncertain times.
What’s happening to the property market? The property market is open and active throughout the UK, with estate agents conducting in-person house viewings and buyers able to move home. Since last July, the UK property market has been on the rise, led by the government temporarily cutting stamp duty. The biggest savings of up to £15,000 ended on 30 June, but buyers in England and Northern Ireland can still save up to £2,500 if they buy a home before the end of September.
Transaction numbers fall as tax break ends The number of houses being sold rose significantly during the tax holiday, but sales have dropped since the tax relief ended. Provisional data from HM Revenue and Customs (HMRC) shows that 98,300 sales went through in August, up 32% on July’s figure, but less than half of the number recorded in June.
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