Communities Minister, Lesley Griffiths, has welcomed new statistics showing 1,378 homes have been purchased through the successful Help to Buy – Wales scheme.
The £170 million initiative is supporting buyers and builders alike by making home-ownership easier for people who have struggled to secure large cash deposits and providing a welcome boost for the construction industry.
Today’s figures, which cover January 2014 to the end of March 2015, show £48.7 million has been provided by the Welsh Government in equity loans, with the value of the properties purchased totalling £245.7 million.
The statistics show the shared equity scheme is helping many people get a first foot on the property ladder, with first time buyers accounting for 74% of completions. The figures also reveal the average purchase price of a property bought using Help to Buy – Wales was £178,290.
With house builders reporting around a further 600 purchases in the immediate pipeline, the scheme is on track to support the construction of 5,000 new homes across Wales.
Minister for Communities and Tackling Poverty, Lesley Griffiths, said:
“Time and time again I have met people who had been struggling to secure large cash deposits and thought homeownership was out of their reach before receiving assistance from Help to Buy – Wales. Thanks to the scheme, people across Wales now have access to high quality, safe and affordable homes.
“As well as helping people progress on the property ladder, the scheme has also proved to be great news for the housing industry, with 174 builders of all sizes across the country now offering Help to Buy – Wales shared equity loans on their properties.”
In February the Minister announced the Welsh Government’s intention to extend the Help to Buy – Wales scheme beyond 31 March 2016. Lesley Griffiths added:
“With almost 1,400 completed sales and around 600 more in the pipeline, we’re on track to meet our ambition of supporting the completion of 5,000 new homes across Wales.
“We want to build on this success, which is why I have announced our intention to extend the Help to Buy – Wales scheme beyond 31 March 2016. This will allow even more people to get a much-needed helping hand to buy their own home and ensure the housing industry continues to go from strength to strength.”
Help keep news FREE for our readers
Supporting your local community newspaper/online news outlet is crucial now more than ever. If you believe in independent journalism, then consider making a valuable contribution by making a one-time or monthly donation. We operate in rural areas where providing unbiased news can be challenging. Read More About Supporting The West Wales Chronicle
