UK Property prices rise after stamp duty cut, say Rightmove

UK Property prices rise after stamp duty cut, say Rightmove

The UK housing market is rebounding fast after a tax cut by the Chancellor Rishi Sunak, according to the property website Rightmove.

The number of sales agreed in England soared by 35% in the five days following Rishi Sunak's announcement on July 8, Rightmove said.

The property market was showing signs of recovery, from a low in April, with agreed sales in England up 15% in June.

Sunak raised the threshold for paying the stamp duty tax on property purchases up to £500,000 until March 31, 2020.

Rightmove added that asking prices rose by 3.7% between June and July, with Estate Agents reporting increased interest and a shortage of property for sale.

However, mortgage lenders Nationwide and Halifax reported falls in house prices and mortgage approvals which slumped to the lowest on record in May, according to Bank of England data.

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