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Land Transaction Tax changes could spell good news for Welsh homebuyers


Welsh homebuyers could save hundreds of pounds thanks to changes to the way property transactions are taxed, which come into force this month[APRIL]. Stamp duty land tax (SDLT), which is payable on homes over £125,000, is being replaced in Wales by the Land Transaction Tax (LTT), which will only be paid on house purchases above £180,000, saving buyers in Wales substantial sums.


For example, at Bellway’s St Lythans Park development in the outskirts of Cardiff, a two- bedroom terraced home is currently priced from £194,995. To purchase this property, stamp duty land tax would have cost £1,399 but Land Transaction Tax will cost just £525 – a saving of £874. Te change has been brought in by the Welsh Government to simplify the tax system and also to focus on Welsh needs and priorities.


Billie Oaten, Sales Director for Bellway Wales, said: “We welcome the launch of Land Transaction Tax which will make purchasing a property cheaper for many Welsh buyers. “Te new system will mean that many of our buyers will save substantial amounts of money in the house purchase process, which can only spell good news for the Welsh property market. “We can see first-hand that this is


a time of growth and strength for Wales, as so many are moving here from places like Bristol so that they can buy their own home.” Under the new LTT laws, no tax is payable on the first £180,000 of a house purchase price, 3.5 per cent tax is payable on the portion over £180,000 and up to £250,000, five per cent is payable on the band over £250,000 and up to £400,000, and 7.5 per cent over £400,000 and up to £750,000.


Bellway Wales is building homes across Cardiff, Newport and Swansea. For details of your nearest development visit bellway.co.uk


Bellway retains five-star status as nine in ten customers would recommend


Bellway has been awarded five-star builder status for 2018 aſter more than nine out of ten customers said they would recommend the developer to a friend. Te housebuilder, whose Wales office is located in Cardiff, has retained the status, which is the highest accolade awarded by the Home Builders Federation (HBF). Te annual star ratings, published this week, are based on an independent survey of new home purchasers. Bellway secured its five-star rating against a backdrop of growth. Earlier this month the housebuilder announced it was on track to complete 10,000 homes in the current financial year. Billie Oaten, Sales Director for Bellway Wales, said: “Achieving HBF five-star builder status


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demonstrates a vote of confidence from our customers. A recommendation to a friend is the most powerful endorsement of our homes and the service we provide. “Bellway is committed to delivering the highest standards of build quality and customer care. Maintaining these standards is more challenging as the number of homes we build increases, but it is a challenge we are prepared for. “Te customer experience is central to everything we do, from land purchase through to aſtercare. We actively encourage our customers to give feedback throughout their journey. “Internally, we have launched a Customer Experience Committee, which promotes the


shared sense of pride among our staff and contractors. Te committee uses customer feedback to develop


new initiatives and


improve consistency. “We would like to thank our customers for taking the time to give their feedback and our staff and contractors for their dedication.” Bellway is currently building new homes in Cardiff and Newport and employs staff throughout South Wales, in addition to supporting hundreds of local contractors’ jobs. Te HBF customer satisfaction survey has become a leading barometer for success in the new homes industry since it was introduced in 2005. For more information on new homes or careers with Bellway see bellway.co.uk.


New Homes Wales and the South West


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