The cost of UK homes has rocketed this year following a pandemic price boom – but what does 2022 have in store for the property market? The latest data from the Office for National Statistics (ONS) shows prices were up 10.2% in the year to October 2021, with the average house price now standing at £268,000. However, this is down from an annual increase of 12.3% recorded for September as the stamp duty holiday was finally phased out. There are several factors that have pushed up house prices. At the start of the pandemic in March 2020, the property market slowed as estate agents began offering video house viewings to avoid face-to-face sales. To help get things moving again, Chancellor Rishi Sunak confirmed a cut to stamp duty in July 2020 – and this has largely been responsible for house price growth. Property prices have rocketed this year ( Image: AFP via Getty Images) Stamp duty is a tax charged when you buy a property – although it is called "land and buildings transaction tax" in Scotland and "land transaction tax" in Wales. In England and Northern Ireland, stamp duty is charged on all homes above £125,000, or homes above… Read full this story
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Will UK house prices rise or fall in 2022? Experts explain what's likely to happen have 261 words, post on www.mirror.co.uk at December 29, 2021. This is cached page on Vietnam Art News. If you want remove this page, please contact us.