News that the Stamp Duty in England has been temporarily cut to help kick-start the property market has been welcomed by Morris, Marshall and Poole with Norman Lloyd which has called on the Welsh Government to replicate the decision.
UK Chancellor Rishi Sunak announced the property Stamp Duty would be cut until 31 March 2021 with people buying properties under £500,000 not having to pay the tax.
Wales is not included in the Chancellor’s announcement as it has its own Land Transaction Tax which starts at £180,000.
“We welcome the Chancellor’s announcement today which will affect properties in England. We have already seen a rise in viewings and interest in properties from our Oswestry office in Shropshire.
Will help many people on the property ladder
"This will help many people who are considering buying a property and should stimulate the local market following the effects of the coronavirus situation,” said Andrew Turner, a Partner at MMP/NL, one of the leading estate agents and chartered surveyors in Mid Wales and Shropshire.
“However, we would now urge the Welsh Government to follow this lead and offer the property market a boost in Wales. We need some additional stimulus to help the sector.
"Since restrictions on property viewings and sales were lifted we have seen an increase in viewings and completions, which is good news. However, additional incentives would produce more confidence in buyers proceeding with sales.”
In England, the news will mean anyone buying a property over £125,000 but under £500,000 will not have to pay the tax providing they complete the sale before 31 March 2021.
First-time buyers were already immune from Stamp Duty in England for any property between £125,000 and £300,000.
Welsh Government announcement expected
The First Minister of Wales, Mark Drakeford, is expected to make further announcements on the property sector on Friday.
More details about selling, buying or letting a property through Morris, Marshall and Poole with Norman Lloyd can be obtained by telephoning one of its offices, or call 01686 626160, or email firstname.lastname@example.org. More contact details can be found at www.morrismarshall.co.uk.
MMP/NL has offices in nine towns, including Newtown, Oswestry, Aberystwyth, Welshpool, Llanidloes, Rhayader, Tywyn, Machynlleth and Bishop’s Castle. It also has a specialist Rural Team based at Welshpool Livestock Sales and an associate office in London.