The Help to Buy Wales scheme is to be extended for a third phase, the Minister for Housing and Local Government Julie James has announced.
The popular homeownership scheme, which was due to close to applicants on 31 March 2021, will be extended until March 2022 with the possibility for a further extension until March 2023 subject to the availability of funding from the UK Government.
Help to Buy Wales has made an important contribution in supporting people looking to own a new build home but require assistance to do so by ensuring homes are affordable and within reach of buyers. Since its inception in 2014, more than 10,215 homes have been bought through the scheme.
The third phase of the scheme will introduce some changes from April 2021 including the reduction of the price cap from £300,000 to £250,000 as well as improved quality with all homes being broadband ready.
The Minister for Housing and Local Government said:
Ensuring everyone in Wales has access to a good quality, safe and affordable home is this government’s ambition. I am pleased to announce our intention to extend Help to Buy Wales until March 2023, subject to the availability of funding beyond 2020-21 from the UK Government.
I have said I am committed to providing affordable housing and should funding not be provided by the UK Government, than Welsh Government will commit to funding phase three of Help to Buy Wales for at least a further twelve months, until March 2022.
I want to ensure support is available to all those who need it when making the most significant purchase of their lifetime and allow developers to plan for their future. We will continue to work with developers and all stakeholders over the coming months to ensure homes purchased using Help to Buy are not just of good quality but are broadband ready to allow home owners to have instant access to essential services.