Julie James, MS, Minister for Housing and Local Government, has announced an extension to the Help to Buy in Wales scheme (phase 3), which will now run to the end of March 2023.
In September 2020, the Welsh Treasury explained Phase 3 would run from 12 months from the 1 April 2021 and would be extended if funding was secured.
James MS said:
‘This is good news for potential customers, house builders large and small, and all associated with the buying and selling of new build homes.
“Help to Buy Wales has been an effective lever in supporting best practice, helping ensure that leasehold is used only where it is strictly necessary, for example in relation to sales of flats. Phase 3 of Help to Buy in Wales will restrict ground rents for leasehold homes sold through the scheme to a peppercorn and will also require homes to be of good quality and broadband ready.”
The Minister added it remains the current government’s ambition to ensure that: ‘market homes of the future should meet the same space standards we expect of social homes. This ambition would be reflected in any future extension to Help to Buy in Wales’.
“In making this announcement today I am providing the opportunity for the people of Wales, and everyone involved in the housing industry, to be able to plan for the future and I am making clear our intention to continue to use Help to Buy in Wales as a tool to promote best practice and sustain the delivery of good quality homes for the people of Wales.
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