House sales plunge due to stamp duty changes, says HMRC

The total number of UK houses sold dropped by 45% between March and April, HM Revenue and Customs (HMRC) figures show, as changes to stamp duty began to take their toll.

Overall 94,370 properties were exchanged in April, a massive dip from the record high of 164,400 sales in March.

HMRC said this is as a result of buyers rushing to purchase before the higher rate of stamp duty on second homes came in on 1 April.

Since the change buyers and landlords of second homes have had to pay an additional 3%

The 84,280 sold in April was the lowest for three years.

Compared to April a year ago, the number of sales dropped by 14.5%.

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