Stamp Duty changes for those set to buy a home in Wales have recently been announced.
According to the Welsh Government, the changes are set to reduce the stamp duty owed by nine out of ten buyers – however, they could also result in some buyers having to pay a higher sum.
For those buying a property over £400,000, the amount of stamp duty paid could be above that paid by those purchasing an equivalent property in England.
If this price exceeds £750,000, the tax owed is set to grow to 10% of the total value. This rises to 12% if the property is over £1.5 million.
At the other end of the spectrum, buyers who are paying under £250,000 for their property could see a fall of up to £500 in the amount of stamp duty owed. If the property purchased is under £150,000, no stamp duty will be owed at all.
Commenting on the changes was chief executive of NAEA Propertymark, Mark Hayward.
He stated: ““This is a welcome move for the Welsh housing market and we’re pleased the Welsh Government has listened to our proposals to raise the band for this lower rate. The rate up to which buyers won’t have to pay any Stamp Duty will be £150,000 from 2017 – the same value as the average house price in Wales.
“This means a huge number of house buyers will no longer have to pay any Stamp Duty at all. However, the move creates further bands for properties in excess of £250,000, and those properties will now attract a higher rate of Stamp Duty Land Tax than they would have previously.”
