October 2021

"Home buyers have benefitted from lower or no stamp duty, a tax paid on property purchases, in some parts of the UK, for more than a year.

The tax holidays on stamp duty or its equivalent taxes, were introduced by ministers to stimulate the housing market as the country emerged from the first national Covid lockdown last summer.

Since then, the market has been buoyant - immune to the economic shock created by the pandemic. Sales reached record levels, as did house prices. Official data show the average cost of a residential property in the UK rose by 8% in a year. Some areas saw increases of more than 20%.

Stamp duty rates in England and Northern Ireland have now returned to their pre-pandemic levels. Similar taxes in Scotland and Wales are already back to normal."