Housing ‘mini boom’ gathers pace after stamp duty cut – Rightmove

On Monday 20th July Sky News reported that the five days after Mr Sunak’s tax announcement saw a rise in the number of agreed sales accelerate, the website’s figures show.

A housing market “mini boom” has gathered pace since Rishi Sunak announced a stamp duty holiday earlier this month, according to figures from property website Rightmove.

It reported a 35% rise in the number of sales agreed in England – compared with the same period last year – in the five days after the chancellor’s announcement.

That marked an acceleration in a recovery that was already taking place which saw agreed sales rise by 15% in June.

The uptick follows the reopening of England’s housing market following the coronavirus lockdown.

Rightmove director Miles Shipside said: “The unexpected mini-boom continues to gather momentum.”

Mr Sunak announced the stamp duty holiday with immediate effect on 8 July as part of a package of measures designed to boost the beleaguered economy.

It means that until 31 March next year the threshold for paying the property transaction tax has been lifted from £125,000 to £500,000.

“These figures are the earliest indicator of house price trends

“They show on average prices gently rising not falling, and this will be reflected in the coming months in other house price reports.”

Lender Nationwide recently reported a year-on-year fall in house prices for the first time since 2012, while Bank of England figures showed mortgage approvals at the lowest number on record in May.

There are also signs that banks and building societies are tightening the availability of home loans.

But the Rightmove figures pointed to a sharp recovery in interest from potential buyers.

They showed that buyer enquiries across Britain as a whole since the start of July jumped by an annual 75%.

Last week, Bank of England Governor Andrew Bailey said there were signs of activity returning “quite strongly” in the housing market.

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