What is the Welsh Government doing to help first-time buyers to buy a home?
The Welsh Government offers a number of schemes designed to help people who would like to purchase a home but need support to become homeowners. All Welsh Government schemes are available to first time buyers. Help to Buy Wales, for example, has delivered more than 13,000 homes since inception, with 76% of customers being first time buyers.
Further information about Help to Buy Wales and other schemes can be found on the ‘Your Home in Wales’ page of the Welsh Government’s website. The website includes a ‘tool’ to help guide applicants to the scheme which best suits their circumstances.
From 10 October the main rates starting threshold of land transaction tax (LTT) will be increased from £180,000 to £225,000. According to the ONS House Price Index, the official source of house price data, the average first time buyer pays £190,000 for their first home. All homebuyers, including first time buyers of homes, who currently pay tax will see reductions in the LTT they pay on homes costing less than £345,000, up to a maximum of £1,575 savings. As a result, around 85% of homebuyers in Wales will pay no tax or will now pay less tax than previously.