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

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.

The Rightmove data showed asking prices between June 7 and July 11 climbed by 3.7% to hit a record high average of £312,625. That was 2.4% higher than before the lockdown began in March.

Mr Shipside said: “The busy until interrupted spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by home owners reappraising their homes and lifestyles because of the lockdown.

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