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February 21, 2021
Chancellor Rishi Sunak has been urged not to end the stamp duty holiday which is due to finish next month.
A new report by the right-leaning Centre for Policy Studies (CPS) said the tax break had increased house sales to their highest level since before the 2007 financial crisis.
Data shows that after an initial decline in sales between April and June 2020, the number of transactions increased from 132,090 in the second quarter to 225,870 in the third quarter and 316,300 by the end of quarter four – the highest level since 2007.
The think tank’s research shows that stamp duty revenues actually rose by 27% in Q3 compared to Q2, from £1.1bn to £1.35bn, and suggests they will rise again in Q4 given the continued increase in transactions.