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Thursday, January 2, 2014

New housing scheme opens for business

Housing Minister, Carl Sargeant has announced that a new scheme designed to help buyers of new homes and provide a major boost to home builders across Wales is now open for business.
The Welsh Government’s £170 million Help to Buy – Wales shared equity loan scheme will make home ownership easier for buyers of new homes who have small cash deposits.

Mr Sargeant said: “This is an important day for housing in Wales. From today many more people in Wales will be able to buy a brand new home thanks to Help to Buy – Wales.

“The recession and a tightening of mortgage lending have meant that buyers who lack a large deposit are finding home ownership is not an affordable option.

“Help to Buy - Wales will address this by helping more people get onto, and move up, the housing ladder.

“In addition to providing a much-needed boost for the Welsh housing market, the scheme will counter the fall in house building activity we have seen across the UK since the financial crisis. 

“This Welsh Government initiative will support the purchase of around 5,000 new homes in Wales during the next two and a half years. It will provide the Welsh housing market with essential momentum and will also create valuable jobs in the construction industry.

“More than fifty builders across Wales are already looking to take part in the scheme and I am delighted that nine of these have already completed the registration process and are ready to offer the first loans to buyers from today.     

"The scheme demonstrates the Welsh Government’s commitment to supporting the housing sector.

“Help to Buy – Wales will lead to increased economic activity and many new jobs in the home building industry, giving a vital boost to the Welsh economy.”

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