Now Wales gets set to introduce 3% surcharge on purchase of 2nd homes & buy-to-let properties

Members of the Welsh Assembly are today considering proposals to scrap Stamp Duty in favour of a new Land Transaction Tax, which would create a 3% surcharge on the purchase of second homes, including buy-to-lets.

The Residential Landlords Association Cymru is warning that it represents a threat to the supply of homes for rent which could make it more difficult for families and the homeless to access rented housing, at a time when it is increasingly needed.

Government statistics show that in 2015-16 a total of 6,891 households were assessed as being homeless and entitled to help securing accommodation in Wales. Of this figure, 3,534 households were found accommodation, including almost half (1,722) who were housed in the private rented sector.

Additionally, of 3,108 households that were threatened with homelessness, 35% (1,077) were housed in the private rented sector.

The RLA is calling for the Assembly to scrap the planned tax levy where landlords invest in housing adding to the net supply of homes. This could be new-build or bring empty homes back into use.

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Written by: Houseladder