House sales drop by two-thirds as stamp duty break tapered down

Business

Jonathan Prynn @JonPrynn

HOUSE sales slumped last month after the first deadline for the stamp duty holiday passed at the end of June, official figures reveal today. Data from the HMRC showed 73,740 homes changed hands in July, down 62.8% on the previous month but still 4.2% higher than July 2020. Home buyers could save up to £15,000 in stamp duty if they completed before the perk was partially removed on June 30 triggering a remarkable scramble to get sales over the line. Stamp duty rates return fully to pre-pandemic levels at the end of September. Agents said that despite the expected hiatus in activity they expected the property market to bounce back. North London estate agent Jeremy Leaf said: “The figures clearly illustrate how many people brought forward buying decisions to take advantage of the stamp duty holiday. “The market is definitely calmer now but many are taking advantage of staycations to keep in touch with market activity, with listings beginning to rise again as sellers return from holiday.” Iain McKenzie, of The Guild of Property Professionals, said: “It was always inevitable that July would show a dramatic downturn, although a 62.8% decrease in transactions is a big fall.”