Nearly half of buyers are still likely to benefit from 0% taxation on their main residence from the 1st of July when the Stamp Duty and Land Transaction Tax Holiday price thresholds fall to £250,000 in England and £180,000 in Wales.
Over the past year, 47% of all homes in England sold for below £250,000. Excluding London, where the proportion increases to 52%.
In Wales over half of all buyers will still pay 0% tax.
In Northern regions, where property price growth is currently strongest, over 70% of sales fall below the £250,000 threshold; in London just one in 20.
First-time buyers in England will still benefit from tax relief on sales up to £300,000
Although many expected the housing market to be quieter during the summer months as restrictions ease, demand across the housing market remains high.
We have a database growing by the day, of proceedable and first-time buyers all looking for their next or new home.
If you are thinking about your next move and would like some honest property advice, then please get in touch.