Thank you for the contributions to the debate this afternoon, and the decision that I've taken here in Wales is very much appropriate to the housing market, because the temporary zero rate band is now around £66,000 higher than the average cost of a home here in Wales, which is £184,000. And it's also £70,000 higher than the normal starting threshold, which, of course, is £180,000. And as I said in my introductory remarks, the primary purpose of extending is to provide that additional time for those people who are unable to complete by 31 March, but it is the case that the housing market in Wales has been remarkably resilient even in the last 12 months, and the residential transaction data published by the Welsh Revenue Authority shows that transaction levels in the months from October to January have returned to around pre-pandemic levels. So, the housing market is proving to be surprisingly resilient, I think, here in Wales.

There are some questions that have been raised as to why we didn't decide to take the same approach as the UK Government in terms of the policy, and we have deliberately chosen a different approach, which is appropriate to our own housing market here in Wales. Because, of course, providing the same policy as they have across the border would have removed tax, or provided very, very large tax reductions, for some of the most expensive residential properties that we have in Wales, given that the average prices that we have are very different. And of course, the policy in England was very much designed to respond to house prices in London and the south-east. And of course, we took a different decision, and our decision meant that we haven't provided those tax reductions for the buyers of second homes or buy-to-let properties, so we've had a much more targeted and measured policy here in Wales, which also meant, of course, that we were able to invest additional money in the social housing market, meaning that our approach very much was more progressive as well.

I don't really consider that there is any merit in that kind of stepped approach that the UK Government has taken in terms of its withdrawal from the latest changes, because, across the border, the SDLT holiday provided a tax reduction of up to 3 per cent on the cost of a property, and a maximum saving there would have been £15,000, again reflecting the different housing market across the border, but the LTT tax reduction period up to a maximum of 1 per cent means a maximum saving of £2,450, so, again, reflecting the different house prices and the picture that we have here in Wales. But, when we do return to the normal starting threshold for LTT, and the other two UK property transaction taxes return to their normal levels, it will mean that Wales remains the only country in the UK with a starting threshold for paying tax that is around the average house price, and, of course, in England, the normal starting threshold is £125,000, which is around half of the average price across the border. So, even when we return to the normal prices—or the normal rates, I should say—then we will still have the most progressive system. And of course, our reduction is for all purchasers of homes, rather than just offering that to first-time buyers, as I understand is the intention of the Conservative Party, should they find themselves in a position in Wales to restrict their support only to first-time buyers, rather than all housebuyers.