The Welsh Government has new powers to collect Land Transaction Tax receipts.

Mark Hayward, managing director of the National Association of Estate Agents (NAEA), said: “The National Association of Estate Agents (NAEA) welcomes the new powers for the Welsh government to collect Land Transaction Tax (LTT) receipts, as it will have a largely positive impact on the residential housing sector in the region.

“The introduction of the new initiative will create a fairer system and in turn increase the desirability of Welsh property.

“While, in the longer term, it may lead to an increase in house prices as demand rises, it will increase revenue for the Welsh government which can be used to regenerate communities across the region. It will also ensure that the Welsh residential market remains healthy, which will be a boost to NAEA’s members across the border.

“NAEA looks forward to working with the newly established Welsh Revenue Authority (WRA) and its chair, when he or she is elected, in the years ahead to build a fairer and successful property sector for generations to come”.