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Househunters urged to capitalise on LTT break

Househunters urged to capitalise on LTT break

Househunters in Wales have been urged to take advantage of the Land Transaction Tax (LTT) holiday extension, potentially saving thousands of pounds.

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.

Sharon Bouhali, sales director at Charles Church West 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 with 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. Or, for example, LTT on a £424,995 five-bedroom Fenchurch at Charles Church’s Peterston Park development in Pontyclun would usually be £11,824.62 but is currently £9,374.62.

Sharon added: “Peterston Park is a stunning development where we have a range of four and five-bedroom executive style homes, including the Fenchurch, Harley and Knightsbridge.”

Peterston Park is the first phase of a 1,850 house development off junction 35 of the M4. The site has long been designated by Rhondda Cynon Taf council (RCT) as a key strategic development site.

CharlesChurch

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