Llanmoor Homes welcomes Welsh Government’s Land Transaction Tax move
When Chancellor Rishi Sunak announced he was raising the stamp duty threshold in England to £500,000 last week, Llanmoor Homes called for the Welsh Government to immediately follow suit and raise the Land Transaction Tax (LTT) threshold here in Wales.
As our Sales Director Tim Grey wrote in a piece for Business News Wales, doing so would give people in Wales the confidence to look for their first home or consider moving as well as aid the Welsh Government’s stated ambition to reopen the housing market.
That’s why we are pleased to welcome the announcement by the Welsh Government yesterday that it will indeed raise the Land Transaction Tax threshold to £250,000.
This will provide significant savings to many who are currently in the process of buying a home and will encourage those who are thinking of buying to buy now rather than later and will help Wales to make a sustained recovery from the effects of the coronavirus pandemic.
This means that on a property of £250,000 there will be a saving of £2,450, which is money that will very likely be used to purchase other products for the home, therefore benefitting retailers who sell home products.
The housing market supports thousands of jobs in Wales and housebuilding generates tens of millions of pounds for the Welsh economy every year.
Keeping the market going is therefore hugely important, and not only in terms of protecting the thousands of jobs in the industry itself but also in terms of the knock-on effects for retailers, suppliers and all businesses who benefit from an active housing market.
The measure will be in effect from 27 July until the end of March 2021, so we encourage all potential buyers not to delay their Llanmoor Home purchase and to take advantage of this new measure sooner rather than later.