As of 2nd January, the much awaited ‘Help to Buy – Wales’ scheme is now available to house hunters across the country. Funded by the Welsh Government, the £170m shared equity loan initiative is aimed not only first time buyers but also at existing home owners, allowing people to purchase a new build home worth up to £300,000 with only a 5% deposit.
In conjunction with the UK wide ‘Help to Buy’ scheme, where mortgages of up to 95% of the property price are available, it is now easier than ever to realise the dream of owning your own home in Wales.
Many predict that ‘Help to Buy – Wales’ will revitalise the Welsh housing and building industries. With the UK Government launching a similar scheme in England months ago, house sales there duly increased and the housing market has been boosted since the initiative began in April 2013. The Welsh Government has said it hopes the scheme will help people buy approximately 5,000 new homes within the next two years.
This refreshing initiative is very welcome in Wales, where it will bring an invaluable helping hand to young people allowing them to step into the housing world for the first time. It addresses the lack of support available for young people, as they are often unable to save enough money for a house deposit due to various reasons including student loan debt.
‘Help to Buy – Wales’ should finally allow homes to become more affordable to the typical Welsh resident, who previously thought owning their own home was an unattainable dream. It will also help people who already own a property to progress up the housing ladder, as with this help they will be able to afford a deposit on their dream house.
With the Welsh Government projecting figures of 5,000 new homes within the next two years, this scheme should provide knock-on benefits for the housing industry and its supply chain across Wales. As the initiative is only available for new build homes, this should increase in the demand for new homes which should therefore stimulate the house building industry, creating valuable jobs nationwide.
This prospective demand in new housing will bring growth to the house building industry, and consequently will bring an inimitable boost to the Welsh economy.
Tony Jones, managing director of ACJ Properties, said:
“We are delighted this long-awaited scheme has finally come into play in Wales. It will provide much needed support for first time buyers who otherwise would have to save up for years in order to afford a deposit.
“Hopefully many people will be able to take advantage of ‘Help to Buy – Wales’, which will ensure that more homes get built, and accordingly will bring an economic uplift to the housing and building sectors in Wales.”