House prices dip as stamp duty holiday ends

The Halifax house price index has revealed that prices fell in June for the first time since January, coinciding with the end of the full stamp duty holiday, which had removed the purchase tax on properties worth up to £500,000. Anna Clare Harper, the chief executive of property consultancy SPI Capital, said: “The tapering down of the temporary stamp duty reduction takes the pressure off demand. However, supply is still constrained, construction is getting harder and more expensive, and a mass sell-off from property owners is unlikely in the absence of significant interest rate rises.” On an annual basis, Halifax said property prices were still 8.8%, or about £21,000, higher than they were a year ago, with the strongest growth in Wales, Northern Ireland and north-west England. 

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