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UK House prices: Almost 100,000 sales ‘will miss stamp duty deadline’ as new home prices drop
The property market experienced a surge last year, and while January usually sets the tone for the rest of the year, the stamp duty holiday and current national lockdown make the property market’s outlook less predictable than previous years. The stamp duty holiday, which began in July last year, is due to come to an end on March 31. The tax holiday has pushed buyers to purchase property and has kept the housing market afloat during a financially challenging year. According to Rightmove’s latest house price index, new sellers who have come to the market in the last month are still managing to price their homes ... (full story)
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U.K. House Prices Drop in Rush to Beat Deadline for Tax Break
U.K. home prices fell in January as sellers tried to speed up transactions with discounts before a temporary reduction in a hefty tax on home-buying ends -- although many deals will miss the deadline anyway, according to Rightmove. The average asking price fell 0.9% on the month, seemingly to tempt movers into last-minute sales, the U.K.’s biggest property website said. However, of 613,000 agreements already in the pipeline, it expects about 100,000 to close after the March 31 cut-off, meaning they’ll face tax bills as much as 15,000 pounds ($20,000) bigger than they would have. While activity in the first few ... (full story)