A temporary tax break has provided a big boost to home sales around London, reports Wall Street Journal (9 September 2020). The UK government announced on July 8 that primary homes in England and Northern Ireland priced at around £500,000 or less would be entirely exempt from stamp duty and the tax holiday will extend to purchases made until March 31, 2021. Previously, home buyers have to pay up to £15,000 in tax on homes priced between £125,000 and £500,000. The stamp duty holiday is an attempt to prop up the British economy as a whole. Overseas buyers from Asia are active in London. Asian proptech company Juwai IQI reported a jump in Chinese demand for UK property during July. Juwai IQI's executive chairman Georg Chmiel said the the tax holiday is fuelling demand.