Help to Buy Wales extended for two years
The current phase of the Help to Buy Wales scheme will close for applications at the end of March 2023, and the Welsh Government will be introducing a new price cap of £300,000 from April 2023, in line with increases in average house prices in Wales.
Julie James, Minister for Climate Change, confirmed the scheme has continued to be an important source of support for the housing industry and supply chain in Wales hence the extension until March 2025, which has been developed with the support of UK Finance, the Home Builders Federation, the Federation of Master Builders and the Development Bank of Wales.
James also stated it is important to ensure that the extension takes into account the changes in the housing market and the impact of the current economic climate on potential homeowners and the housing industry.
The scheme has supported thousands of people in Wales since its launch in January 2014, with more than 13,400 homes delivered and is part of the Welsh Government’s goal to improve the energy efficiency of homes. All homes purchased with the support of the scheme will need to reach a minimum of Energy Performance Certificate (EPC) B.
It has also been a mechanism to bring about desired change within the housing industry. Phase two saw the end of the delivery of leasehold houses. Phase three has seen improvements in quality, broadband, ‘peppercorn’ level ground rent charges and the requirement for estate management fees, and any other charges, to be provided in writing before a deposit for a home is accepted.
Future needs of home-buyers
The Welsh Government wants to ensure support for new homeowners continues to be relevant and targeted at those who most need it. Research is being commissioned into the future needs of home-buyers, and the role Help to Buy Wales can play to meet those needs. The findings are due to be published in the Summer of 2023 and will underpin future planning to support people wishing to buy a home.
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