The Help to Buy Wales scheme has been extended, meaning the deadline has been pushed back from 31st March 2021 to March 2022 and may even be extended again to March 2023. However, the extended scheme will not be identical to the current system and properties sold after the original deadline will need to meet different standards.
Similar to the Help to Buy schemes elsewhere in the UK, Help to Buy Wales is designed to support people looking to own a home by making new-build properties more affordable. Since its introduction in 2014, over 10,000 newly built homes have been purchased through the scheme and the majority of these were bought by first-time buyers.
Currently, the Help to Buy Wales scheme can only be used for new-build properties costing up to £300,000. However, after phase three is introduced in April 2021, properties will be capped at £250,000. New standards for the properties built and sold under the scheme will also be introduced, including ensuring they are all ‘broadband-ready’. The Welsh government have announced their intention to extend the scheme again to March 2023, if they are able to secure funding from the UK government.
According to Minister for Housing and Local Government, Julie James, the decision to extend was made with buyers and builders in mind, declaring in her speech: ‘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’.
It will surely come as a relief to all those involved in the scheme, to know that they are not facing quite the same rush to finish their to-do list before March 2021. Instead, everyone may now be able to enjoy a little more breathing room.
