The decision to cut Land Transaction Tax (LTT) to zero per cent in Wales for properties up to the value of £250,000 has been welcomed by estate agent Morris, Marshall and Poole with Norman Lloyd.
It comes after the equivalent tax in England, known as Stamp Duty, was reduced to zero last week for properties up to the value of £500,000.
“We welcome the Welsh Government’s announcement on LTT as it will provide stimulus within the local housing market,” said Andrew Turner, a Partner at MMP/NL, one of the leading chartered surveyors and estate agents in Mid Wales and Shropshire.
Property market will kick start with more completions
“While we would have liked to have seen the threshold lifted to properties of up to £500,000 in value as in England, we are much more confident house sales will begin to move once implemented from 27 July.
“Many completions have been held up as a result of speculation since the UK government introduced changes to Stamp Duty in England last week. This decision will provide the necessary boost needed for home buyers.”
MMP/NL has also welcomed the news that an additional £30m will be spent on social housing schemes in Wales. This will provide stimulus to the construction industry as well as good quality residential accommodation in the social sector.