New scheme to boost Welsh house building
The Help to Buy - Wales scheme is set to come into effect from January 2nd 2014 and the Home Builders Federation (HBF) has backed the plans to deliver a considerable upturn in property construction by developers as a result.Providing £170 million for the provision of equity loans to help new home buyers take a step up the property ladder, Help to Buy - Wales is being launched following the considerable success to date of the government's Help to Buy scheme in England, which has seen in excess of 5,000 properties delivered by builders already this year to meet the ongoing demand for new homes.Offering government-funded loans of up to 20 per cent of the equity of properties with a value of up to £300,000, the scheme allows all those taking part to tailor the terms of their repayment to suit their financial position.Individuals are also free to pay off their borrowings in full at any time during the loan's lifespan.Richard Price, the HBF's planning and policy advisor in Wales, commented: "The launch of Help to Buy - Wales is an extremely welcome step that will give many more people in Wales the opportunity to buy a brand new home."The scheme will lead to increased economic activity and many new jobs in the home building industry and the supply chain, giving a vital boost to the Welsh economy."His comments were echoed by Steve Morgan, chairman of Redrow Homes, who stated the introduction of Help to Buy - Wales will give a much-needed boost to construction efforts for builders across the country, while at the same time helping more people to get a foot on and to move up the housing ladder.Announced by Welsh Assembly housing minister Carl Sargeant yesterday (November 25th), the initiative aims to facilitate the purchases of up to 5,000 new homes across the country over the next two and a half years.
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