Property sales in UK declined 52% in October
Real Estate

Property sales in UK declined 52% in October

According to official data, property sales in the United Kingdom dropped by over half in October after the expiry of a tax break, which sought to encourage home buying during the Covid-19 pandemic.

The tax office in Britain has reported 76,930 transactions of residential housings in October, which is 52% lower than in September and 28.2% lower than October last year.

Finance Minister of Britain, Rishi Sunak, scrapped the tax on stamp duty on the first 500,000 pounds of property purchases in England and Northern Ireland.

The complete tax exemption had expired at June end, but the buyers benefitted from the 250,000 pounds exemption until September end.

The tax exemption in Wales stopped in June, while Scotland stopped a tax break in March.

Data shows that housing prices continued to rise in October, pushed up in large part by a shortage of homes in the market.

The housing sector in Britain has also been boosted by the demand for bigger properties due to the work from home norms.

Image Source

Also read: Property registrations in Indore recorded a 60% jump in June

According to official data, property sales in the United Kingdom dropped by over half in October after the expiry of a tax break, which sought to encourage home buying during the Covid-19 pandemic. The tax office in Britain has reported 76,930 transactions of residential housings in October, which is 52% lower than in September and 28.2% lower than October last year. Finance Minister of Britain, Rishi Sunak, scrapped the tax on stamp duty on the first 500,000 pounds of property purchases in England and Northern Ireland. The complete tax exemption had expired at June end, but the buyers benefitted from the 250,000 pounds exemption until September end. The tax exemption in Wales stopped in June, while Scotland stopped a tax break in March. Data shows that housing prices continued to rise in October, pushed up in large part by a shortage of homes in the market. The housing sector in Britain has also been boosted by the demand for bigger properties due to the work from home norms. Image Source Also read: Property registrations in Indore recorded a 60% jump in June

Next Story
Real Estate

Häfele unveils Profin aluminium profiles for modern kitchens

Häfele has launched its Profin range of aluminium profiles, designed to enhance open kitchen layouts gaining popularity in urban homes. With shrinking living spaces and the rise of micro-living, kitchens are increasingly becoming integral parts of living areas. This demands cabinetry that is both functional and visually seamless. The Profin range offers a modern solution, combining aesthetics with precision engineering. It includes four product categories—Gola Profiles, Stack Modular Shelving, Rail Door Profiles, and Strike Shelving System—catering to varied functional and design nee..

Next Story
Resources

CIPL to invest Rs 4 billion in phosphoric acid plant

Caitlyn India (CIPL) will invest Rs 4 billion to set up a 50,000 TPA integrated phosphoric acid plant in southern India. The company is scouting port-accessible sites and plans to commission the facility by FY 2027. The project will span 30–50 acre and aims to reduce India's dependency on imported phosphoric acid. The plant will adopt hemihydrate–dihydrate (HH-DH) technology, enabling high-purity phosphoric acid production with cleaner gypsum by-products. A captive sulphuric acid unit will be included for operational efficiency. Initially, output will be supplied to domestic fertilise..

Next Story
Equipment

TKIL Industries, HOPPECKE partner for rail battery systems in India

TKIL Industries (formerly thyssenkrupp Industries India) has signed an exclusive agreement with Germany-based HOPPECKE Batterien GmbH & Co. to develop battery systems for India’s growing rail sector. The partnership aims to deliver innovative and sustainable energy storage solutions for metros, regional trains, and locomotives. The first joint project under this strategic alliance has already been secured and is expected to roll out in 2025. The collaboration comes at a time when India plans to double its electric locomotive capacity by 2030 and expand metro services from 23 to 31 c..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?