The stamp duty holiday boosted the number of house sales by close to 140 per cent to their highest level since 2007.
The Centre for Policy Studies (CPS) said the number of transactions rose from 132,090 between April and June, to 316,300 in the final quarter of 2020.
It wants the new threshold to stay as it buoyed the economy in lockdown and accelerated housebuilding.
Boost: The Centre for Policy Studies wants the new threshold to stay as it buoyed the economy in lockdown and accelerated housebuilding
CPS analyst Jethro Elsden said: ‘High stamp duty rates have become a drag on the economy, housing market and people’s aspirations.’
The headline cost of the tax cut is £3billion, but the think tank estimated this falls to £500m once the wider economic benefits are accounted for.
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