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STAMP DUTY DEADLINE COOLS HOUSING MARKET.

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The scaling back of the stamp duty holiday has cooled the UK's frenzied property market, according to Nationwide. Figures from the building society show house prices dropped 0.5% in July. It comes after prices leapt 13.4% in June - the steepest rise in 17 years.

Nationwide's chief economist Robert Gardner said the rush to take advantage of the full stamp duty holiday saw housing transactions reach record levels in June. As a result, prices surged - effectively outstripping any savings made from the tax break. While stamp duty is due to return to its pre-pandemic rate by October in England, Nationwide said ongoing demand for larger homes in the wake of the pandemic was likely to continue supporting house prices.

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