UK governments have also temporarily cut stamp duty. This means buyers could potentially save up to £15,000 in tax if they move home before April 2021. The cut is designed to reignite the property market in the wake of COVID-19, although there are signs that the wheels were already beginning to turn. Provisional data from HM Revenue and Customs (HMRC) shows that 70,710 property sales went through in July, up 14.5% on June’s figures but down 27% year-on-year. HMRC says the stamp duty holiday is unlikely to impact on transaction figures until late August or early September, but the property portal Rightmove says more sales are now being agreed than at any point in the past decade.

Source: Which