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Welsh homebuilder calls for immediate Land Transaction Tax (LTT) cut to kickstart housing market

Computer generated image of the proposed Pentref Rhostir scheme from Llanmoor Homes in Swansea

Award-winning Welsh homebuilder Llanmoor Homes has called on the Welsh Government to follow England’s lead by cutting the Land Transaction Tax to kickstart the housing market.

Chancellor Rishi Sunak today announced the stamp duty threshold would be increased to £500,000 as part of the UK Government’s coronavirus recovery package. The measure will take effect immediately and last until March 31st 2021.

It is hoped the measure will offer support to those looking to enter the housing market and encourage the housebuilding industry to continue building to protect the economy from potential recession.

However, the measure will only apply in England as in Wales stamp duty was replaced by the Land Transaction Tax (LTT) in 2018 when certain tax raising powers were devolved.

Tim Grey, Sales Director of Llanmoor Homes, said: “The Welsh Government needs to act fast to aid the economic recovery here in Wales.

“The housing market supports thousands of jobs in Wales and housebuilding generates tens of millions of pounds for the Welsh economy every year.

“It is vital that home buyers in this valuable sector are urgently given the support and encouragement they need to help Wales recover from the impact of Covid-19.

“That’s why today we are calling on the Welsh Government and Welsh Ministers to follow England’s lead and announce an immediate cut to the Land Transaction Tax.

“This will give people in Wales the confidence to look for their first home or consider moving.

“The UK Government has already announced a major overhaul of the planning system in England as part of its ambition to ‘build, build, build’ for the future.

“Meanwhile in Wales the planning system is still holding back new development being commenced with all of the benefits that such will bring and at present we have seen no evidence of any proposals for similar initiatives coming from the Welsh Government.

“We cannot afford for Wales to be left behind.”