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The total savings people have made by purchasing properties during the stamp duty holiday has been estimated at £6.1bn, according to data collected by Rightmove.

With the tax holiday drawing to a close, Rightmove has estimated that one million households benefitted from a stamp duty saving since the incentive was introduced in July 2020.

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As well as this, buyer demand in England is 43% higher than in September 2019.

Meanwhile, HMRC has revealed that stamp duty receipts have continued to decline.

Tim Bannister, property expert at Rightmove, said: “Around a million households made tax savings since last July, which provided some people with an added incentive to move, especially in the higher price brackets.

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“We’re still seeing much higher levels of demand for homes than in 2019 so it’s clear there have been a number of other reasons for making this summer the time to move to a new home.

“There are still savings to be had for first time buyers, so this hasn’t signalled the end of savings altogether and we’re expecting the market to stay busy for the rest of the year and into next year.”

By Jake Carter

Source: Mortgage Introducer

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