Land Transaction Tax extension provides relief for buyers and property firms
Not only are home-buyers readily welcoming the extension of the Stamp Duty Holiday, but so too are local property businesses. X-Press Legal Services South East Wales is expressing its delight at the Welsh Government’s announcement, which sees the Stamp Duty Holiday extended further until the end of June.
The Chancellor of the Exchequer announced his budget last week on Wednesday 3rd March, hoping to start rebuilding the national economy after a turbulent year.
In Wales, the holiday will be extended until 30th June applicable to properties priced under £250,000.
X-Press Legal Services is a property search company that provides expert reports to solicitors and conveyancing professionals across the local area. The stamp duty holiday has seen demand for its searches increase 49% since it began back in Summer 2020. The extension will help those who are yet to complete their property transaction benefit from the tax break.
Owner of the company, Steph Hector comments: “We have been working flat out due to the increased demand for our searches, which are a real measure of demand in the property market generally. We have seen higher levels of searches than ever before – and we were concerned that many people would not be able to complete their property transaction before the original deadline of March 31st.
“The whole sector has been lobbying for an extension, so everyone is relieved, and our network in particular has been calling for a tapered end to the holiday – which we were delighted to see come into play. This will allow thousands more people to make savings, but also means there is a clear end in sight for our pressured conveyancing sector.”
The tax holiday has allowed the property market not only to boom throughout the pandemic – being one of the few sectors which has seen little disruption and witnessed growth. House prices hit a high in the early months of the year, with prices inflated in many cases in lieu of the tax saving.
Steph comments: “Especially in South East Wales, we have seen house prices growing throughout the pandemic, as people have used the lockdown periods to reflect on the space they have- often wanting to move to a new environment, or benefit from a larger space.”
To find out more about X-Press Legal Services South East Wales and the services they provide, please call 0330 159 5353 or visit https://xpresslegal.co.uk/offices/south-east-wales/