One of the most common questions I was asked was "What is the best time to sell a property in a year?" There is no right or wrong answer to this question. This is an opinion issue. The property is on the market throughout the year. However, the real estate market is a seasonal entity. Spring and autumn are usually warm months, but in terms of the real estate market, they are very hot. If you are reading this article and want to know when to put your property on the market, it seems to me that it is a good time. Yes, you will see other properties also enter the market, but this is the time most buyers are seriously looking for their next house.
So, what do you need to know to buy and sell in this Easter? Then, from April 1, 2018 in Wales, you will no longer pay the Stamp Tax Land Tax [SDLT], but will pay the Land Transaction Tax [LTT] operated by the Welsh Taxation Office. Let us see what happens.
These changes have led to a reduction in taxes on the purchase of residential properties to £402,000 - this is the "balance of payments". After that, pay more taxes in Wales. In addition, as shown in the table, Wales has a 0% tax rate higher than England, which means that Wales does not pay any LTT when buying a property, up to £180,000. The average price of a property in Wales is £150,254, which is good news for most people.
In Cardiff, the average price of a property is £194,359, which is below the break-even point, which means that the price paid by LLT will be reduced again compared to the SDLT clause. Most of Cardiff's families live in terraced and semi-detached homes at an average price of £184,044 and £217,689, respectively, and these changes will be welcomed again.
However, there are two aspects of change that are not so positive. First, it is related to first-time buyers. In the fall budget last year, the government provided SDLT relief for first-time buyers, resulting in a stamp duty of no more than £300,000 for the first purchase and a further reduction of £500,000. Unfortunately, Wales does not replicate this privilege, and there is no additional relief for first-time buyers. Second, anyone who wants to buy more than £402,000 in real estate will pay more taxes. Those who want to buy in certain areas of Cardiff, with an average house price above this number, have no choice but to pay more.
If you buy a second home or invest in a BTL property, you will need to add another 3% to the standard room rate.
Although these changes are positive for many people in Wales, can it stifle the growth of the Welsh capital? The cancellation of the tariff on the Sewan Bridge will inevitably attract investment in Cardiff and South Wales. Wales needs to be careful not to delay investment by buying more attractive properties on the English border.
Orignal From: The fact that you need to know about the purchase of land and property taxes
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