An increased by 8.6% over the year to February 2021, up from 8.0% in January 2021.
It is believed to be impacted by the coronavirus pandemic on both the number and supply of housing transactions. The pandemic may have caused house buyers to reassess their housing preferences. In UK HPI data, we have seen the average price of detached properties increased by 9.1% in the year to February 2021, in comparison with flats and maisonettes increasing by 6.7% over the same period.
In England and Northern Ireland, properties up to the value of £500,000 would incur no tax, while the thresholds for Scotland and Wales were £250,000. This may allow sellers to request higher prices as buyers’ overall costs are reduced. The tax holiday for Scotland ended on 31 March 2021. The tax holiday has been extended until 30 June 2021 in Wales. In England and Northern Ireland, the tax holiday has been extended until 30 June 2021 after which the threshold will decrease to £250,000 until 30 September 2021. From 1 October 2021, the Stamp Duty thresholds will revert to what they were before 8 July 2020.
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