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Help to Buy Wales, which was due to close to applicants in March next year, has been extended a further year, with the possibility for a further extension until March 2023, housing minister Julie James has announced.
Introduced in 2014, the scheme has supported over 10,000 home purchases.
From April 2021 a price cap of £250,000, down £50,000, will apply.
‘Ensuring everyone in Wales has access to a good quality, safe and affordable home is this Government’s ambition’, said James.
‘I have said I am committed to providing affordable housing and should funding not provided by the UK Government, then 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’.