Mike Hedges AM welcomes Help to Buy success

Mike Hedges AM welcomes Help to Buy success

Local Assembly Member Mike Hedges AM has welcomed latest Help to Buy Wales stats.

The figures show that since the introduction of the Help to Buy Wales scheme in 2014 a total of 400 purchases in Swansea were completed using a Welsh Government Help to Buy-Wales shared equity loan.

The majority of homes purchased through Help to Buy Wales were by first time buyers, helping them get on the housing ladder. 

The Welsh Government is also helping first time buyers with progressive tax changes.  They are introducing Land transaction tax (LTT), in April 2018.¹ Just under two-thirds of all homebuyers will pay no tax under the main (LTT) rates.

Wales will have the most generous starting threshold for this type of property tax in the UK from April 2018 (£55,000 higher than England and Northern Ireland and £35,000 higher than Scotland) and round 80% of first-time buyers in Wales won’t pay any tax.

Mike Hedges AM said…… “It is great news that help to buy has helped so many first time buyers onto the housing ladder”

“This coupled with the progressive property tax the Welsh Labour Government are introducing, demonstrates how determined they are to help residents in places like Swansea achieve their goal of getting on the housing ladder.”

End

Notes

A tax on land and property transactions which will replace stamp duty.