Great news for first-time buyers in Wales as an extension to the Help to Buy Wales scheme is announced. We take a look at the details. And then keep reading as we share links to new home developments in Wales and some properties which meet the criteria for the Help to Buy Wales scheme.
It all comes as part of the Welsh government’s Draft Budget where Help to Buy Wales in Wales will be extended by 18 months. That means the scheme will now come to an end at the end of September 2026, with £57 million of capital funding provided for 2025-26. The last time the scheme was extended was back in December 2022, and it was due to expire in March 2025.
While further details are to be confirmed in the Welsh government’s Final Budget due to take place in February 2025, it is expected that the maximum purchase price under the scheme will remain at £300,000.
The scheme works by the Welsh government providing equity mortgages to those buying a new-build home. Buyers must provide a 5% deposit, and the scheme provides an equity mortgage of up to 20% of the purchase price. For the remaining amount, buyers need to take out a repayment mortgage.
Eligibility for the scheme requires the home being bought to have a maximum purchase price of £300,000, a minimum of EPC B (Energy Performance Certificate B rating), and for the home to be built by a home builder registered with the scheme. A list of relevant builders can be found on the Gov.Wales website here.
Other eligibility criteria includes being able to fund at least 80% of the property price through both a repayment mortgage and a minimum deposit of 5% of the purchase price. While the home being bought must be the buyer’s only, existing home.
Any help with getting buyers, especially first-time buyers, onto the property ladder is welcomed. The Home Builders Federation has been working closely with the Welsh government and released a report emphasising the benefits of the Help to Buy Wales scheme, as well as the returns to the taxpayer.
Neil Jefferson, CEO of the HBF: “We warmly welcome the Welsh government’s extension of Help to Buy Wales given the ongoing challenges faced by first-time buyers amidst a lack of affordable mortgage availability.”
If you’re a first-time buyer looking to buy a new-build home in Wales and hope to take advantage of the Help to Buy Wales scheme, we’ve done some of the hard work for you.
Developer: Dandara Homes
Enjoy a unique rural location and the beautiful countryside of Carmarthenshire all around you at Golwg Gwendraeth from Dandara Homes. As well as a friendly Carway community, you will find plenty of amenities at nearby Kidwelly, which is only a 10-minute drive away.
Developer: Castle Green Homes
The ideal place to call home, you’ll find Llys y Coed in Rhosrobin, a small village close to Wrexham town centre, located between the Welsh mountains and Lower Dee Valley.
Looking for a Help to Buy Wales home? Simply enter your preferred location and find the best options near you.
