Following a Conservative announcement by Kemi Badenoch that a future Conservative government would abolish Stamp Duty, the Welsh Conservatives have reaffirmed their commitment to scrap Wales’ equivalent tax, Land Transaction Tax.
Land Transaction Tax currently raises around £147 million a year in Wales. The Welsh Conservatives have said this funding could be replaced by using unallocated Welsh Government funds.
The announcement comes amid a slowdown in housebuilding in Wales. Welsh Labour Government figures for 2024/25 show a 3% year-on-year fall in housing supply, marking the second-lowest level on record. The figures for 2024/25 show:
- 4,631 new homes were completed in Wales, down from 4,771 in 2023/24.
- Of these, 73% (3,381 homes) were delivered by the private sector, a 9% decrease from last year (3,710 homes) and down from the 78% private-sector share recorded in 2023/24.
- Around 3,800 dwellings were started in 2024/25, representing a 26% decrease compared with the previous year.
In the Senedd on Wednesday, the Welsh Conservatives will lead a debate calling on the Welsh Government to abolish Land Transaction Tax.
Janet Finch-Saunders, Welsh Conservative Senedd Member for Aberconwy and Lead Senedd Candidate for Bangor, Conwy and Môn, said:
“The Welsh Government, backed by Plaid Cymru has made it increasingly difficult for people to buy homes in Wales and these figures reaffirm that concern.
We should be making it easier, not harder for people, especially first- time buyers to purchase a home. Scrapping the tax would be a significant step in the right direction.
I look forward to the debate tomorrow to reaffirm our position on abolishing it and to show why this change is necessary for Wales and for helping more people get onto the housing ladder.”
