Househunters in Wales have been urged to take advantage of the Land Transaction Tax (LTT) holiday extension, potentially saving thousands of pounds. LTT replaced stamp duty in Wales when the Welsh Government took over the scheme in 2018.
The Welsh Government has announced that the temporary increase to the nil rate band of LTT has been extended to June 30.
This means that anyone buying a property up to the value of £250,000 before July 1 will pay nothing in LTT.
After that date, the nil rate band will revert back to the £180,000 threshold.
The holiday was originally brought in to help stimulate the property market during the pandemic.
Victoria Williams, sales director at Persimmon Homes East Wales, said: “The extension of the LTT holiday can only be good news for househunters. It’s great for people already going through the buying process – but, if people act quickly, it’s also possible to start a transaction now and complete before the deadline.”
“Anyone buying a property up to £250,000 will pay nothing in LTT, which is obviously a huge boost.”
“Then anyone buying a property up to £400,000 will pay five per cent on the cost above £250,000 as usual – but they won’t be paying the 3.5 per cent of £70,000 between £180,000 and £250,000 on top of that as they would do ordinarily.”
“We’d urge people to talk to our experienced sales advisors about our homes that will be ready before July.”
LTT on a £250,000 property would normally be £2,450.
Visit Persimmon Homes for more information about a new home in your area.
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