The Bank of England’s chief economist has warned the UK housing market is “on fire”. The market is not all that is on fire: 'burnout' is to become completely exhausted through overwork.
Lifting the stamp duty land tax (SDLT) threshold from £125,000 to £500,000 in July 2020 was intended to help those suffering from the financial impact of covid-19 and to boost a languishing property market.
Limb two has been achieved with bells on; the jury's out on limb one.
House prices have risen on average by 9.5 per cent in the last 12 months, according to the Halifax House Price Index, May 2021.
This rise wipes out the value of the stamp duty...