The stamp duty holiday has helped spur the current boom in the real estate market as well as the race for larger homes with outdoor space. New data from Cornerstone Tax shows 3.32 million Britons have moved from the city and more urban areas to more rural areas. In fact, 44% of Britons feel that living in a city is no longer attractive.
David Hannah, property tax specialist and senior consultant at Cornerstone Tax, said some experts “predicted a crash” but were “corrected” by the rising property market.
Mr Hannah added: “Although this is still the subject of debate, and some experts disagree, the constant increase to ever increasing heights, which is decreasing and stabilizing now but still without sudden change of direction, suggests that the bubble will not burst.
“On the contrary, it will simply level off as the tapered stamp duty band reduction from £ 500,000 to £ 250,000 planned, still driven by pent-up demand for properties and low borrowing costs.”
Property insider Simon Bath, CEO of iPlace Global, said some buyers have “paid more than the price” on their property this year and even on the move process.
“How long will this last, no one is guessing. “
The stamp duty holiday in its original format ended on June 30.
The threshold has been reduced from £ 500,000 to £ 250,000, which will remain in place until September 30.
On October 1, it will return to the previous level of £ 125,000.