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Stamp duty race will keep driving up house prices

The property market is continuing to gain momentum as buyer’s rush to meet the stamp duty deadline, according to Simon Bath, CEO of property concierge app Moveable.

Research from Moveable shows that 11% of Brits, or 2.4m people, feel they have overpaid by thousands during a house move as they have had to rush it through, and didn't fully understand what was needed.

Bath added: “The stamp duty holiday naturally pushed prices up as people found they could save thousands on a home purchase, and due to the ever dwindling supply of properties in the UK, this pushed up prices to heights we haven't seen in years.

“Some said there would be a crash as people stopped looking to buy homes now they'll have to pay stamp duty, but the trajectory of the market shows this is not the case - and new Government initiatives will ensure that there is continued interest in buying property. This means people will continue to move home in record amounts, and we have seen a great deal of confusion, rushing, and money lost as people try and rapidly complete an incredibly stressful and time-consuming house moving process.”

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