IS A REALITY CHECK ABOUT TO HIT THE THE U.K. HOUSING MARKET'S RECESSION DEFYING SURGE

 IS A REALITY CHECK ABOUT TO HIT THE THE U.K. HOUSING MARKET'S RECESSION DEFYING SURGE

New data reflecting the boom in house prices and transactions over the last twelve months has played into chancellor Rishi Sunak’s hand as he considers an end the stamp duty holiday.

Mr Sunak introduced the tax break to provide an “immediate stimulus” to the economy last July. The Treasury said it intends to end the policy as planned on March 31.

The property industry has urged him to consider extending the exemption on the first £500,000 of residential property purchases, but Mr Sunak has told Tory MPs he needs to make “tough choices” to start restoring order to the public finances.

An online petition to extend the tax break for an additional six months has collected more than 100,000 signatures.

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