If you’re a first-time buyer, you won’t pay council tax on your new home for six months.
That’s the promise today from Welsh Conservatives, as the party launches an innovative offer for all those purchasing their first property in Wales.
Effectively halving your first annual council tax bill, an average new homeowner (based on the average band - D) would save over 660 pounds on their first bill.
Under Labour – since 1999 – council tax in Wales has risen by 121 per cent. In 2011/12, the Conservative-led UK government introduced a council tax freeze in England. While additional money was provided to Wales as a result of that move, Labour ministers have never used it for the same purpose.
Along with a freeze, Welsh Conservatives would ensure no first-time buyer has to pay a penny in council tax for the first six months of their home ownership.
As part of our offer for first-time buyers, Welsh Conservatives would also ensure stamp duty is scrapped for those buying a first property. Based on the average house price in Wales (£132,000), it means a buyer could save least 140 pounds.
According to recent figures, 73 per cent of first time buyers in Wales are unable to purchase their first property alone.
Meanwhile, 84 per cent of adults here want to own their first property within 10 years, compared to 79 per cent in Great Britain (Council of Mortgage Lenders, YouGov poll, 2013).
Welsh Conservatives are the party of aspiration and home ownership and remain committed to supporting first-time buyers and ensuring they receive all possible forms of support. That means putting an end to some of the final financial hurdles that continue to pile on pressure.
Welsh Conservatives would also:
- Work with the UK government to ensure Help to Buy Cymru is extended until 2020, as it is in England
- Explore the development of a Starter Homes Cymru initiative, following the lead set by the UK Government in England
- Work with the housing sector and seek opportunities for the further development of Rent to Buy, shared ownership and mortgage guarantee schemes
- Extend the Right to Buy, not scrap it – like Labour – and invest all the sale proceeds in new social housing
Welsh Conservative Leader, Andrew RT Davies AM, said:
“When you pick up the keys to your new home, you won’t be picking up a new council tax bill. This six month holiday is just one part of our innovative offer for first-time buyers.
“As the party of aspiration and home ownership, Welsh Conservatives will provide the financial flexibility to clear the barriers and help you get in through your first front door.
“Scrapping stamp duty up to 250 thousand for first-time buyers, exploring an extension to Help to Buy and developing a new Starter Homes initiative; this is Welsh Conservatives striving to create an environment where home ownership can be achieved by all who aspire to it.
“Our Offer for First-Time Buyers is the latest in a long line of ground-breaking and detailed policies that put communities first and prioritise the Welsh economy.”