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Cover feature: Is the cliff edge in sight? The property boom is welcome after the Covid-induced shutdown last year, but will demand fall off a cliff once the support measures end? Guy Anker consults a wary industry By Guy Anker 8 th April 2021 12:25 pm The mortgage market has experienced a surge in demand from homebuyers this year, with experts mainly attributing the rush to the stamp duty holiday and a pandemic-fuelled need for more space. The leap in interest builds on an already strong 2020, but some warn there is a risk of a slump later this year when the stamp duty holiday ends.
Wealthy foreign homebuyers face an extra stamp duty surcharge of around £95,000 this year, as a report reveals that the prime London market paid 12 per cent of all stamp duty paid in England in 2020. Foreign buyers will see the 2 per cent surcharge introduced on 1 April in England and Northern Ireland, lifting stamp