82% of home buyers in Wales will avoid LTT
21 July 2020
By Daisy Stephens
More than eight out of ten (82%) home buyers in Wales will pay zero Land Transaction Tax (LTT) on their property purchase after the threshold is increased from £180,000 to £250,000 on Monday 27th July 2020, compared to 60% previously.
With the average property price in Wales standing at £181,643 in June 2020, according to reallymoving’s data, the vast majority of transactions will fall beneath the new higher threshold, with just 18% of purchases incurring LTT going forward.
Rob Houghton, CEO of reallymoving said: “With property tax giveaways already announced in England and Scotland, I’m pleased to see Wales following suit.
“The Welsh property market supports thousands of jobs in associated industries such as estate agency, development, conveyancing, surveying, renovation and home improvements, generating millions for the economy each year, and it has a crucial role to play in the country’s economic recovery.
“This tax giveaway could have a significant impact, particularly in more expensive locations such as Cardiff, incentivising buyers and encouraging sellers who have been sitting on the fence to commit to a move, boosting the supply of homes for sale.”
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Notes to Editors
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FeeFee on 29/01/2021