Almost 5,000 Welsh Properties Have Been Purchased Since Help to Buy Scheme Launched

4,797 properties have been purchased in Wales since the Help to Buy scheme was launched three years ago.

Now, the government mortgage guarantee scheme has come to an end, and the Help to Buy ISA and Help to Buy equity loan continue to be a popular choice for first time buyers. But, where are these Welsh buyers purchasing and what type of properties are they selecting?

Philip Howell, co-founding director of Howells Solicitors has extensive experience of the scheme in Wales with Howells Solicitors completing 1,146 of all cases (23%) including the first one when the scheme launched. He has analysed the figures released in the latest Help to Buy Scheme Transactions Record, which was recently released by the Welsh Government.

Where Are First Time Buyers Setting Up Home?

Newport and Flintshire have become the Help to Buy hotspots in Wales. Both have seen high uptakes of the scheme since its implementation, with 848 and 577 purchases respectively. Whereas the lowest number of Welsh properties bought using Help to Buy can be seen in Ceredigion, the Isle of Anglesey and Blaenau Gwent.

104 homes in the Welsh capital, Cardiff, have been bought using the scheme, whereas Swansea recorded 305.

What Type of Properties Are Being Bought Using Help to Buy?

The most common type of home bought through the scheme was a three bedroom property (2,415 bought to date), with four bedrooms placing second most popular (1,501 bought to date).

At the opposite ends of the scale, just 92 one bedroom properties have been bought in Wales through the government scheme (a third of which were in Cardiff), and a meagre 26 five bedroom property sales have been completed.

What Does the Future Hold for Help to Buy in Wales?

Of the 5,000 completed Help to Buy cases to date in Wales, Howells have completed 1,146 of them equating to over 23% of all cases, the most out of any UK law firm.

Commenting on the positive impact the scheme has had for first time buyers, Philip Howells, co-founding director of Howells Solicitors said:

“The financial assistance provided by the scheme has enabled first time buyers to enter the housing market at a time when lending criteria had been significantly tightened following changes to legislation regarding the financial services industry.

The scheme has been very successful and well received by home buyers and those involved in the house buying industry. It provided a much-needed boost at the right time.

Help to Buy ISA and Help to Buy equity loans are now providing other options for first time buyers and with another product, the Lifetime ISA being launched just last month, this continued financial assistance will be of benefit.”

Kindly shared by Howells Legal