Is The Housing Market About To CRASH?

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More Evidence Of Property Market Slowdown Post Stamp Duty Holiday

More worrying signs for the UK housing market have emerged following the ‘Stamp Duty property purchase tax’ holiday withdrawals, according to the Nationwide.

The leading building society own figures revealed that house prices dropped slightly in July compared with June, but were still 10.5% higher than a year ago, mirroring an earlier report by the Halifax, Britain’s biggest mortgage lender.

In the rush to buy, most stamp duty savings were outstripped by fast rising prices.

The tax break helped create a housing boom during the pandemic. Booms are often followed by busts.

A typical home cost £244,229 in July and annual house price increases were at a 17-year high in June, but slowed slightly in July, the lender said.

Breaks for property purchase taxes were pulled in Wales at the end of June, and reduced in England and Northern Ireland at the same time. The tax will return to normal levels by October.

The number of homes sold every month reached record levels not seen since comparable records started in 2005.

The market for large properties outside of town centres had surged, while sales of flats had fallen.

The number of transactions for properties bought for £500,000 or more increased by 37% over the 12 months to March, compared with a rise of 2% for all properties.

The search for space, indoors and outside, had driven demand for larger homes in which to live and work during the pandemic. Flats, without gardens and - in some cases - with issues over cladding and fire safety, have been more difficult to sell. Source: BBC News.

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