Welsh homebuilder, Llanmoor Homes, has welcomed a five year extension to the Help to Buy Wales Scheme which was announced by Communities Minister, Leslie Griffiths, earlier today.

The Help to Buy Wales Shared Equity Scheme first launched in January 2014. The scheme enables first time buyers and existing home owners to purchase a new build property up to the value of £300,000 with as little as a 5% deposit and 75% mortgage. Home buyers can then take on an equity loan of up to 20% of the home value from the Welsh Government.

It was confirmed during the announcement that the existing Help to Buy Wales scheme will be extended until 2021, in line with the English scheme. £26.3 Million will be allocated to the scheme for 2016, with the total amount funding that will now be available between 2016 and 2021 at £290million.

Tim Grey, Sales Director at Llanmoor Homes, said: “We’re delighted that the scheme is going to be extended to 2021. Since its introduction in 2014, Help to Buy Wales has provided vital support for many people who would otherwise have been unable to purchase their own home.

“The guarantee of extra funding will provide ongoing support and encourage housebuilders to continue producing new homes in line with Welsh Government targets. This positive news underlines our confidence in the housing market here in South Wales, where we currently have 8 developments offering a range of new homes suitable for first time buyers.”

The average price of a Llanmoor Home available on Help to Buy is £165,000, just below the Welsh average of £180,000. Llanmoor has sold 109 Help to Buy assisted properties since the introduction of the scheme, with 74% of the purchasers being first time buyers. In total, over 35% of Llanmoor’s sales since January 2014 have been assisted by Help to Buy Wales.

Tim continued: “At Llanmoor, as a result of the success of the scheme, we have this year taken on more staff and acquired a number of new sites for development in response to the demand for high quality new homes. The knock-on effect of the increase in sales on our suppliers, retailers and mortgage providers is considerable, and of considerable benefit to the Welsh economy.

“With further developments in the pipeline in Swansea and Rhondda Cyon Taff, we are well able to satisfy the growing demand for new homes, which is sure to increase again following this announcement by the Welsh Government.

“As we are about to celebrate our 50^th year in business, this news will ensure that 2016 will be a memorable year for our customers, staff, suppliers and many others relying on this very important sector of the Welsh economy.”

Llanmoor Homes is one of just a handful of private, family-run housebuilder in South Wales.  The company is directed from its headquarters in Talbot Green by brothers Simon, Tim and Matthew Grey. Llanmoor currently have 8 developments across the South Wales region and have built thousands of homes over a period of almost 50 years.