Help to Buy Wales continues to boost development

Fri, 30 Jan 2015

Help to Buy Wales continues to boost development
Wales has seen sales of over 2,000 homes through the Help to Buy scheme since it was introduced, but sales numbers have not been uniform across the country, with some areas performing much better than others.

Flintshire and Bridgend are some of the most proficient for the scheme, and people there are seven times more likely to have made it onto the Welsh government's Help to Buy scheme compared to buyers in Ceredigion, according to newly released figures.

Within a year of the Help to Buy Mortgage Guarantee scheme becoming available, 200 homes were bought using the scheme in Flintshire, a rate of 2.09 per 1,000 adults. This is the highest rate in Wales.

Newport received 189 sales, and Bridgend came third on the list with 184.

Cardiff, however, saw much fewer sales, having only had 17 sales since January last year. It is likely that this is simply because first time buyers just aren't able to raise deposits, even ones of 5%, to buy homes in the big city.

Overall, the scheme is hoping to aid the building of 5,000 new homes, a target it is well on the way to reaching.

"We’re getting people on to the housing ladder and helping them to achieve owning a brand new home," said financial advisor Rob Lewis.

"The uptake of the Help to Buy scheme has been quite high. It just gives people, who haven’t got the money for a deposit but have a got a good income, the ability to get on the property ladder."
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