The announcement of changes to the Land Transaction Tax rate in Wales might not have been as glamorous as the stamp duty holiday announced in England, but it is no less important. This measure will hopefully help buyers across Wales make a move in the housing market.
If you are looking for guidance in the local housing market, or you would like to hear how the change will impact the local Bridgend housing market, we are here to assist you.
New Land Transaction Tax rates
The important changes to the LTT are as follows:
· The portion up to and including £250,000 carries 0% in LTT
· The portion over £250,000 up to and including £400,000 carries 5% in LTT
· The portion over £400,000 up to and including £750,000 carries 7.5% in LTT
· The portion over £750,000 up to and including £1,500,000 carries 10% in LTT
· The portion over £1,500,000 carries 12% in LTT
The payment of tax on properties up to £250,000 has now been waived until 31 March 2021.
Time it takes to sell a Bridgend home
According to the home.co.uk site, the average time for homes on the market in Bridgend, as of August 2020, is 145 days. This equates to around 20 weeks, which is around the average expected time for property sales across the United Kingdom.
If everything runs smoothly, it is possible to conclude a property transaction in 15 weeks. If problems arise and things run slowly, it has been known for property deals to take up to 25 weeks to conclude. The London market often moves even slower, but that isn’t a concern for buyers and vendors in and around Bridgend.
At the start of September, there is roughly 30 weeks until the LTT deadline. This provides ample time for buyers and vendors to conclude deals in good time before the benefit is removed. The measure might be extended or made permanent, but for now, it is best to work towards the March 31st 2021 deadline.
We can help you sell your Bridgend property
If you are keen to sell your Bridgend home, contact us and we will arrange a property valuation for you. When you are armed with a realistic property valuation, you can enter the market with greater confidence. You also have a platform for evaluating what homes you can afford when you buy your next property. Therefore, we recommend arranging a property valuation, and at Hunters Bridgend, we are more than happy to complete this task for you.
How to sell faster without compromising on price
Some useful tips to consider when looking to sell your home fast without compromising on quality can be seen below:
· Spend some time in the garden creating a favourable and welcoming style
· Opt for a neutral décor, keeping decorations simple so as to provide prospective buyers with a blank slate
· Make the condition of your windows a priority when improving your home
· Make sure all DIY repair work is taken care of
· If you have a pet at home, make sure all nasty pet odours are removed before welcoming likely buyers
· Ensure your home is up to date with safety features and measures
At Hunters Bridgend, we are proud to play a part in supporting a thriving and friendly local community. If you would like information or guidance on how we can assist you, or you just want to stay in touch with the latest housing industry news, please contact us today.