After stamp duty was raised April 2016, house sales dipped by 7% in the rest of the year according to Lloyds, and HMRC figures have shown further 3.3% fall between April and May 2017. Jamie Whyte, at the Institute of Economic Affairs blamed the hikes in stamp duty, commenting: “Taxes on transactions, such as stamp duty, are highly damaging and the slowing of housing sales is a symptom.”

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