At Thomas H Wood, we’ve seen a vast increase in the number of people who wish to buy and sell homes since the Welsh Government announced changes to Land Transaction Tax back in July. The changes only last until March 31st 2021, so we’re now seeing a record number of enquiries from both buyers and sellers who wish to buy or sell before the system goes back to normal and becomes more expensive for buyers.
So we are seeing more people than ever who wish to buy and sell over the Christmas period. Here’s what you need to know if you’re considering doing so too.
After being forced to stay at home these past few months, the Coronavirus pandemic hasn’t just changed the way we feel about our homes, but the way in which we view the property market, too.
These changes affect both the purchase and letting markets, as people consider not only the location but also features of a home that may not have been as important before.
Rishi Sunak recently announced his plans for a stamp duty “holiday” to help rebuild the nation's economy after lockdown, as a temporary measure intended to stimulate the housing market, in parallel with this the Welsh Government has announced a break on the tax paid on house sales for homes worth less than £250,000 until March 31, 2021 (this change in the rules will not apply to second homes or buy to let properties). Wales refers to the land tax not as Stamp Duty, but as Land Transaction Tax (LTT).