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UK house prices: Rishi Sunak’s stamp duty holiday pushes property values to record high

Rishi Sunak’s emergency stamp duty holiday has sent property prices soaring to an all-time high. The average cost of a home in the UK jumped 1.6 per cent in July alone to £241,604, according to latest figures from Halifax. That pushed the annual rate of gain to 3.8 per cent after four months of falling prices. Britain’s biggest mortgage lender said the property was in the throes of a “surprising spike” driven by a wave of demand since the end of the lockdown. The Chancellor announced in early July that stamp duty will be waived on the first £500,000 of any transaction until March saving buyers up to £15,000 in tax. The Halifax figures came as property portal Rightmove said it has seen record levels...

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Government considering Help to Buy extension – report

The government is drawing up an extension to the Help to Buy scheme which could be published as soon as Friday, according to a report in the FT. The article said three government sources had confirmed discussions were taking place on how an extension could be agreed to the scheme. In April, Mortgage Solutions reported the Home Builders Federation (HBF) was in talks with the government about extending the Help to Buy scheme, and understood that Homes England was receptive to the proposals. However, nothing concrete has materialised since. Trade body the Intermediary Mortgage Lenders Association (IMLA) also called for an extension, noting: “An extension of the current scheme would prove helpful to developers and buyers, who will be playing catch up after the...

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