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HBF Briefing: Help to Buy Wales to launch in New Year.

Date: 26/11/13

Help to Buy Wales to launch in New Year.

Housing Minister, Carl Sargeant, yesterday announced that Help to Buy Wales, the Welsh Government’s £170M equity loan scheme will ‘open for business’ from January 2 next year.

Speaking at an event at the Millennium Stadium, the Minister outlined details of the scheme and thanked HBF and the CML for their input and assistance in developing the scheme so that it could be launched in the New Year.

The event was attended by 200 people, including a significant number of house builders, large and small; as well as lenders and IFAs.

Full details about the scheme and how to apply can be found here 

HBF has played an integral role in the development of Help to Buy Wales.  We initially suggested the need for the Welsh Government to adopt such a scheme to previous housing minister Huw Lewis. We then continued to press the WG when the new minister, Carl Sargeant, came into post, which quickly led to a commitment to adopt the scheme in Wales and culminated in yhr launch of the scheme yesterday.

We have worked extremely closely with the WG in recent months to ensure the scheme mirrors the scheme operating successfully in England and have been very encouraged by their willingness to work with us. The outline of the scheme is very close to the equity loan scheme operating in England, though with a lower (£300,000) price limit. This should make it much easier for the industry and lenders to be involved.  One potentially major improvement is that a single Welsh Government organisation, Help to Buy (Wales) Ltd, will undertake the roles performed by the HCA, Help to Buy Agents and HOP (which deals with post-completion administration) in England.

We are very confident that the scheme will have a significant impact in Wales by contributing to an increase in housing supply and facilitating job growth and investment.

We would also like to extend our gratitude to the many members who have assisted HBF over recent months in getting the scheme adopted and ironing out the many issues we have faced along the way.

Kind Regards

Richard Price
Planning and Policy Advisor - Wales