Will the Minister outline the action that the Government is taking to increase home ownership in Wales?
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, which following my announcement on 14 December will be extended for a further two years until 2025, has delivered more than 13,000 homes since inception, with 76% of customers being first time buyers.
Further information about these schemes can be found on our Your Home in Wales website page. It includes a tool to help guide applicants to the scheme which best suits their circumstances.
From October, the main rates starting threshold for land transaction tax (LTT) 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. As a result of the change to LTT, all homebuyers, including first time buyers, who currently pay tax now see reductions in the LTT they pay on homes costing less than £345,000, up to a maximum of £1,575 savings. Around 85% of homebuyers in Wales now pay no tax or less tax than previously.