LAND TRANSACTION TAX (Stamp Duty) WILL NOT AFFECT THE MARKET
On the 1 April 2018, Stamp Duty charged on the purchase of property will be changed in Wales, to Land Transaction Tax. Apart from first time buyers, tax free up to £180,000, this will mean graduated increases above £400,000.
However, there is no need to be concerned about this, once the date is passed everyone will be in the same position and will quickly accept the situation.
Contrary to fears, this will not adversely affect the market, which varies more with the time of year and general sentiment.
From the experience of many years now, residential property has been an excellent investment and will continue to be so. The benefits of owning your own home are many. Enjoying improvements made, modest mortgage borrowing rates and tax free gains when selling. This is the most valuable asset most people will own and in the end, will help secure retirement, through downsizing or letting.
The market will always be there, healthy and at times buoyant.