LONDON (UK) – After a tax slash was announced by finance minister Rishi Sunak, a mini housing market boom is gaining momentum, said property website Rightmove.
After England eased curbs on the market, the number of sales jumped by an annual 35% in the five days after the minister’s July 8 announcement.
It said on Monday that recovery was underway with agreed sales in England climbing 15% in June.
In a bid to kickstart the economy, Sunak raised the threshold for paying tax on realty deals to 500,000 pounds, four more than before, with immediate effect until March 31.
According to Rightmove, the prices sought by house sellers between June 7 and July 11 climbed by an annual 3.7% to reach a record high average of 312,625 pounds. Realty prices were 2.4% higher than before the pandemic struck.
“These figures are the earliest indicator of house price trends,” Rightmove Director Miles Shipside said. “They show on average prices gently rising not falling, and this will be reflected in the coming months in other house price reports.”
The website reported that buyer queries across the country since the beginning of the this month went up by an annual 75%.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field