NAEA PROPERTYMARK COMMENTS ON NEW WELSH STAMP DUTY BANDS

Mark Hayward, Chief Executive, NAEA Propertymark comments on the new stamp duty bands announced for Wales, coming into effect in 2017:

“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.”

Kindly shared by NAEA Propertymark