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UK’s property market expects surge in sales ahead of stamp duty holiday

The surge in demand from home buyers has ramped up the house prices by 3.5%

The UK’s housing market will boom in the first three months of next year as one lakh sales are expected during the period, media reports said. It is reported that the predictions are based upon the recent rebound in the property market. Furthermore, home buyers are rushing before the embarkment of the country’s stamp duty holiday.

According to a property website Zoopla, the number of fresh sales in the UK remained 38 percent higher than it was year ago. The website reports indicate that there will be a boom in the housing market before the Christmas season begins.

It is reported that UK’s housing market showed signs of rebound during the summer season due to pent-up demand following the first lockdown and after the government decided to impose a new stamp duty on properties worth up to £500,000 until March next year.

The property demand boom since last Summer has been mostly felt in London and Southern England, with extra 7 percent sales were recorded than 2019.

The surge in demand from home buyers has ramped up the house prices by 3.5 percent, marking it the highest level of growth for three years and is expected to climb by the year end.

It is reported that residential transactions also climbed 10 percent in October compared to September due to a surge in interest from home buyers.  According to HMRC reports, the UK witnessed over 105,000 residential transactions last month, marking a 10 percent growth compared to October’s 8.1 percent growth.

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