Another record set in the real estate market in the UK

The excitement for home buying in the UK has been observed throughout the first half of 2021. It was caused by the decision of the authorities to abolish the stamp duty (real estate tax). The record month for the rise in prices for houses and apartments was June - for this month prices increased by 0.8% compared to May. The average home cost was nearly $ 466,000. However, experts note that such high demand will soon decrease, as starting from July 1 stamp duty has been returned.

Who will have to pay the tax?

Those who want to buy property now will have to pay the tax. However, as before the threshold for that tax remains:

• before July 1, it was just over 690 thousand dollars;
• from July 1 - almost 346 thousand dollars;
• from September - 172.9 thousand dollars.

Surveys conducted in the country have shown that those who wish to purchase a large residential property are ready to do so despite the applied tax. Developers are also counting on the fact that demand will be kept up by the gradual economic recovery in the country. What will be the real result of the renewal of stamp duty can be observed at the end of July.