Welsh housebuilder welcomes extension of Help to Buy – Wales
Welsh housebuilder Llanmoor Homes has welcomed an announcement by the Welsh Government that the Help to Buy – Wales scheme will be extended beyond 31st March 2016.
The Help to Buy – Wales Shared Equity Scheme launched in Wales 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.
The original scheme ran until March 2016, but the Welsh Government announced today that the scheme will now by extended beyond this date. Tim Grey, Sales Director of Welsh house builder Llanmoor Homes has welcomed this announcement.
Tim said: “I am delighted that the scheme is to be extended as since its introduction last year, Help to Buy – Wales has provided vital support for many people who would otherwise have been unable to purchase a home.”
Llanmoor Homes alone sold over £7.0million worth of homes under the Help to Buy – Wales scheme in 2014. At an average purchase price of just over £158,000 this shows the wide scale of uptake of this government funded initiative.
Tim continued: “Over 1000 people have purchased a home using the scheme in Wales since its introduction in January 2014. The fact that over 70% of these purchasers have been first time buyers shows that the scheme is playing an important role in giving these buyers the opportunity to make that vital first step on to the property ladder.
“We made 15 sales using this scheme at a single development last year, which shows that the scheme is beneficial for everyone – for the buyers, the developers and also for the numerous people for whom jobs are created through the improvement of the housing market.”
“Help to Buy has undoubtedly helped with the great improvement in the housing industry over the past year and we have certainly seen numerous benefits during the short time scale that the assistance has been available. For many people owning your own home would be an impossibility if it were not for initiatives like this stimulating the 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 7 developments across the South Wales region and have built thousands of homes over a period of almost 50 years.