The first clues are emerging about what might happen to the housing market after the tapering down of the stamp duty holiday and how the race to beat the deadline pulled sales forward.
After a frantic final leg for agents, mortgage brokers, banks, conveyancers and, of course, buyers and sellers, a leading estate agent has revealed that exchanges dropped to 40 per cent of the five year average in the first week after the cut-off.
According to Knight Frank, the number of exchanges dropped to less than half the five-year average between 1 and 7 July - immediately after the stamp duty relief was cut on 30 June.
House prices predicted to rise despite buyers deserting property market
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Average UK house price drops £5k in April
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ONS: Average UK house price dropped £5k in April but boom isn t over
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