The average price of a house is currently £260,358
British house prices fell 0.5% in June from the previous month, according to mortgage lender Halifax.
This is the first time house prices have fallen since January.
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The annual growth rate fell to 8.8% from 9.6% in May, the highest level in 14 years. As a result, stamp duty will be phased out until September.
The average house price is now £260,358, down £1,284 on last month.
Commenting on the phasing out of the stamp duty holiday, Halifax Managing Director Russell Galley said:
“With the stamp duty holiday being phased out, we expect the market to start to lose momentum in the second half of the year, with those with mortgages approved at the start of the summer seeing the highest It is unlikely that you will benefit from the amount of tax relief given the time required to complete the transaction. ”
“However, under the phased approach, someone buying at the current average price of £260,358 would only have to pay stamp duty of around £500 at current rates, and from the beginning of October when the situation returns to normal, around £500. Increased to 3000 lbs.
Canopy CFO and co-founder Chris Hutchinson says a stamp duty holiday will never be a permanent solution.
“House prices can’t keep rising forever, and with the stamp duty holiday coming to an end, it looks like there’s finally some heat coming out of the market. However, the temporary tax freeze has caused some buyers to Although it has taken a proactive approach, it is by no means a long-term solution, and barriers to homeownership remain.Furthermore, we are currently facing future generation rents due to the discrepancy between average salaries and average asking prices. have found themselves on an incredibly difficult path to homeownership.”
“No one should feel forced to rent for the rest of their lives. However, with thousands of renters connecting to the rental system each year, this money may feel like a waste. It’s easier and faster to secure an affordable home loan when you need it. Rent payments should count towards people’s credit ratings.Rather than supporting first-time buyers with a temporary aid package, Generation Rent could do much more by allowing them to purchase from the beginning of their rental journey. It can make a huge difference.”
