House prices dip as stamp duty holiday ends for the up to £500,000 threshold

House prices dipped 0.5% in June as the stamp duty holiday began to be phased out, according to the Halifax

Prices rose 8.8% over the year, leaving average prices still more than £21,000 higher, following a broadly unprecedented period of gains.

The lender said it was "important to put such a moderate decrease in context."

The Government removed the need to pay stamp duty on certain properties throughout much of the pandemic.

In the last year the housing market has been stimulated by stamp duty holidays in England, Wales and Northern Ireland, introduced by the government to boost the property market.

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Source: BBC Business News

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