Property value: A pedestrian passes an advertisement on properties for sale in central Manchester. A Bank of England stress test suggests home values may fall 16% because of the economic downturn caused by the coronavirus. — Bloomberg
LONDON: House hunters in the UK face a tough choice: buy now and take advantage of a sales-tax break, or hold off in case the value of your new home drops in the recession.
The government has raised the price threshold at which the sales tax is paid to £500,000 (US$631,000) until the end of March. At that level, 90% of buyers won’t pay any tax, and those purchasing more expensive homes will save as much as £14,999.
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