The average house price dropped for the first time since January as the stamp duty holiday in the United Kingdom Economy ended.
- The annual house price inflation also improved slightly from May’s all-time high of 9.6% to 8.8% in June.
- With the phasing out of the stamp duty holiday, the market might lose momentum entering the second half of 2021.
- Mortgages approved in the first half of 2021 would not benefit from the maximum tax break, considering the time required to complete the transactions.
- In 2020, the government support measures helped to promote demand, more so amongst buyers looking for larger family homes.
The average price of detached homes in the UK increased faster than any other type of property, up by over 10%. Mortgage approvals increase in May, a second month in a row to help in financing house purchases.
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