Wales office Minister Alun Cairns – MP for Vale of Glamorgan in South Wales – has said that the government’s Help to Buy scheme is providing “crucial help” to homebuyers in Wales hoping to get on the property ladder.
Figures released this week show that the number of people helped onto the housing ladder by Help to Buy has exceeded 2,500 completions in Wales.
A total of 2,626 people across Wales have now achieved their ambition of buying a home of their own, with a total of 56,000 people across the UK benefiting from Help to Buy.
The scheme was launched in 2013 to help working people who could afford a mortgage also afford a deposit on a new home.
From 1 December, a Help to Buy ISA is also being introduced to help prospective homeowners save for a deposit. The ISA will enable first-time buyers to save up to £200 a month towards their first home, with the government boosting their savings by 25% – £50 for every £200 saved, up to a £3,000 bonus
Chancellor George Osborne said:
“This government is committed to helping people achieve the aspiration of buying their own home – and our Help to Buy schemes have now helped nearly 120,000 working people across the UK do just that.
“The stronger economy and financial system means we expect banks to start to exit our Help to Buy Mortgage scheme, as it was introduced in times of financial distress and will come to an end next year in any case.
“The Help to Buy shared equity scheme goes from strength to strength – and our new Help to Buy ISA we’re launching in December will provide generous support to those saving for their first home by providing a government boost on their deposit.”
Mr Osborne added that supporting people “who want to work hard, save and buy their own home” was a key part of the government’s long-term plan to provide economic security for working people “at every stage of their life, across the UK”.
“Help to Buy is also boosting the nation’s economic security by driving an increase in house building in Britain, ensuring long-term housing supply and creating jobs,” he said.
In response to the new figures, Wales Office Minister Alun Cairns said:
“For far too long, credit-worthy, hardworking people in Wales have been unable to fulfil their dreams of owning their own home – Help to Buy is changing that.
“Over the last two years, the mortgage guarantee scheme has provided a crucial helping hand to thousands of individuals and families from all over Wales to get on the first rungs of the housing ladder.
“From December this year, we expect to see these figures boosted even further with the introduction of the Help to Buy ISA, offering those saving for their first home a government boost on their deposit.
“Home ownership is a key part of this government’s long term plan to provide economic security for working people across the UK.
“With this support for buyers in place, more people in Wales can benefit from the security and opportunity that comes from getting the keys to your first home.”
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