House Hunt in London: 17th Century Church Tower with Updates

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The British housing market emerging from the initial pandemic lockdown is the strongest in recent years. stamp duty Vacation, low interest rates and quality of life need to be reassessed collectively, brokers said. (England on July 19th) removed almost all legal restrictions on social interactionsAs the number of cases continues to rise and Prime Minister Boris Johnson forced to self-isolate after his government’s health secretary tested positive for Covid-19.)

The first six months of 2021 were the busiest period of sales Transactions recorded so far by right move, a leading real estate website. The company reported this week that the average asking price for properties on the market hit a record high of GBP 338,447 ($466,000) 3 in June, the fourth consecutive record averages.

“The stamp duty holiday has shaped the market this year more than anything else,” said Tom Bill, Knight Frank’s head of UK housing research.

Roughly last year, the first £500,000 ($688,000) on a home purchase was exempted from tiered taxes ranging from 2 to 12 percent of the purchase price. The “tax holiday” ended on June 30, but a lower-threshold extension is in progress. Mr Bill said he expects the exemption to have the biggest impact on the lower end of the market, but even wealthy buyers rushed to close deals in London’s prime center in June, with Knight Frank recording record numbers of transactions.

“It set the pace across all price brackets,” he said.

The average selling price in the UK was GBP 271,000 ($373,000) as of May, up 9.7 percent from the previous year. Office of National Statistics. London had the highest average home price of any region at £498,000 ($685,000), but the lowest annual price increase, at 5.2 percent.

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