The majority of transactions helped by the Stamp Duty holiday will be sales brought forward from next year, analysis claims.
A report by The Office for Budget Responsibility (OBR), which analysed Chancellor Rishi Sunak’s economic update from last week, predicted the Stamp Duty holiday would increase the number of transactions by around 100,000.
It said around a quarter would be truly additional and three quarters would be brought forward.
The OBR, which analyses the UK’s public finances, predicted house prices would rise by around 0.5% as a result of raising the Stamp Duty threshold to £500,000.
Its report predicts the holiday will cost the Treasury £2.5bn in total.