The stamp duty holiday has been well-publicised and the end of June 2021 signified the end of arguably the most significant stamp duty relief to date.

From July 2020 to June 2021, the stamp duty holiday meant for those who owned no other property (be you a first-time buyer or not), if you bought a property worth £500,000 or less you would pay no stamp duty.

If the property was worth more than this, you would only be paying stamp duty on the value of the property above that £500,000 and for anyone who did already own another property, you would also benefit from a reduced rate. Prior to this, first-time buyers already benefitted from paying no stamp duty on the first £300,000 of their property.

Read more: Stamp Duty holiday extension a boost for home buyers and sellers

Now, the benefit has reduced so that purchases under £250,000 attract relief. After 30 September 2021, all temporary reliefs are due to come to an end and the rules will revert to the pre-June 2020 rules.

According to the Treasury’s Independent Forecaster, house prices may rise in the short term, and sales may drop once stamp duty reliefs come to an end.

In February, data from the Office for National Statistics (ONS) revealed that December saw the highest annual growth rate in house prices since 2014. Prices rose by 8.5 per cent in December, with the average cost of £252,000 marking a record high. By comparison, the ONS House Price Index from April 2021 suggests that average house prices in the UK increased by 8.9 per cent over the year to April so the average house price in England is now £268,000.

The pandemic has no doubt impacted the housing market. Spending more time at home has shifted people's focus on what they need from their homes. Many have decided they need more space for home offices, home gyms or increased garden space.

  • Fiona Baker is a chartered legal executive at award-winning law firm VWV, which has offices in Clarendon Road, Watford. Get in touch on 07468 698 982 or