Help to Buy Wales reaches £600 million milestone

Daniel Bevan - Editor

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The Welsh Government has passed a £600 million investment milestone in its Help to Buy – Wales programme.

Since launching, the shared-equity initiative has supported more than 15,000 home purchases across Wales, with officials saying 85% of buyers have been first-time purchasers since April 2022.

The scheme offers equity loans, interest-free for the first five years, on new-build properties, lowering deposit requirements and improving mortgage affordability at a time of higher borrowing costs.

Housing and Local Government Cabinet Secretary Jayne Bryant MS marked the milestone during a visit to Persimmon’s Parish development in Creigiau, where she met first-time buyer James Rolfe, who purchased an apartment using the scheme.

The Cabinet Secretary said: “For so many people, owning a home can feel like a distant dream. We understand how disheartening that can be, which is why we have invested more than £600 million into our Help to Buy – Wales scheme to help turn that dream into a reality.

“This support has already helped over 15,000 people like Mr Rolfe and by extending the scheme we are making sure thousands more will have that same opportunity.

“We will keep working with our partners to ensure Help to Buy – Wales continues to change lives.”

Lee Hawker, Managing Director of Persimmon Homes East Wales, said: “We were delighted to welcome the Cabinet Secretary to The Parish to see the real impact Help to Buy – Wales is having for local people.

“At this development alone, more than a quarter of homes have been purchased through the scheme – helping young people and families from the area take their first step onto the housing ladder.

“As the nation’s largest housebuilder, responsible for delivering around a quarter of all Help to Buy homes in Wales to date, Persimmon is proud to play a leading role in providing high-quality, much-needed homes across the country.

“Schemes like Help to Buy Wales are vital in enabling local people to stay close to family, work and schools, and we remain committed to working with the Welsh Government to support home ownership across Wales in the years ahead.”