House prices will fall by almost 14 per cent next year once the government’s temporary cut in stamp duty ends and the economic impact of coronavirus filters through to the property market, according to an analysis by an economic consultancy.
Figures from the Nationwide Building Society this month showed house prices rising at their fastest pace in 16 years but the Centre for Economics and Business Research (CEBR) said that the increase was an anomaly, driven by emergency policy measures designed to give the market a boost. The chancellor raised the threshold at which buyers pay stamp duty from £125,000 to £500,000 in July. It will remain in place until March 31.
Nearly nine in ten transactions on a principal property will attract no tax
