Asking prices across several areas of the property market tumbled in the wake of the initial stamp duty holiday deadline at the end of June, according to new research from GetAgent.
Figures showed that after months of house price growth hitting record highs, asking prices across England saw growth of just 0.1% between June and July – with the average asking price increasing by just £277 to £336,019.
GetAgent’s analysis looked at the average asking price for homes listed on the market in June when the stamp duty holiday was in full swing, and how this compared to one month later, when the tax-free threshold on a property purchase reduced to £250,000 from £500,000.
The estate agent comparison site has reported that 46% of areas saw the average asking price decline.
GetAgent founder and CEO, Colby Short, commented: “The stamp duty holiday has been fuelling an incredible rate of house price growth pretty much since its introduction and while it isn’t the primary motivation for buying a home, we’re certain to see some degree of downward correction as both extended deadlines expire.
“In this case, the first deadline at the end of June led to an abrupt reduction in asking prices across many areas of the market, as sellers could no longer chance their arm to cash in on buoyant market activity driven by buyers with a little extra cash in their pocket during the negotiation stage.”
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