MANY HOMES EXEMPT FROM PROPERTY TAX
Did you know that in the past year, more than 60% of homes in Wales and nearly half (48%) of homes in England (excluding London) purchased by home movers were exempt from property taxation?
In Wales, a staggering 90% of all 1-bed and 2-bed apartments were sold below the £225,000 threshold for Land Transaction Tax. Similarly, in England, 92% and 77% of these apartment types were sold below the £250,000 Stamp Duty Land Tax threshold.
When it comes to 3-bed houses, the trend continues. Nearly three in every four houses in Wales and over half in England were sold below the price thresholds for taxation. This means substantial savings for homebuyers!
But that's not all! In England (excluding London), first-time buyers enjoy an even higher threshold of £425,000. Astonishingly, 80% of all homes sold in the past year were beneath this threshold. Specifically, 96% of apartments and 80% of terraced homes qualified for tax exemptions.
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Source: Dataloft, Land Registry, DLUHC, properties sold in the year to the end of April, based on the purchase of a primary residence. (Note: England excludes London).