Wales politics

Help to Buy: Further £290m to help new house buyers

Media playback is unsupported on your device
Media captionLesley Griffiths made the announcement at a housing development near Cardiff

Up to £290m will be spent on a scheme to boost the housing market and home ownership over the next five years, the Welsh government has announced.

The second phase of Help to Buy Wales aims to support the construction of more than 6,000 homes by 2021.

Ministers said 2,400 people had been helped since it launched in 2014.

The Conservatives claimed Labour ministers had "listened to pressure" from them and said they were pleased the scheme was being extended.

Buyers with a 5% deposit receive an interest-free loan of up to 20% of the price of newly-built properties, up to a value of £300,000.

Making the announcement, at a housing development in Wenvoe, Vale of Glamorgan, Communities Minister Lesley Griffiths said the money showed government commitment to encouraging house building and people owning their own home.

"I am pleased, to date, our Help to Buy Wales investment has given 1,784 first time buyers the help they need to get their foot on the property ladder," she said.

'Poverty of ambition'

While welcoming the announcement, Tory Shadow Housing Minister Mark Isherwood claimed it was "the UK government's decision to ring-fence capital investment for this scheme that has forced Labour ministers to act in the interests of Wales".

Plaid Cymru AM Jocelyn Davies said it was good for new home buyers and the housing industry, but a "broader" strategy was needed to use existing housing better.

Also welcoming the additional money, Liberal Democrat AM Peter Black warned Labour had shown a "complete poverty of ambition" on housing and was failing to build enough affordable homes.

Related Topics

More on this story

Related Internet links

The BBC is not responsible for the content of external Internet sites