Minister for Housing and Regeneration, Carl Sargeant, has announced that the Welsh Government's mortgage guarantee scheme will be launched on 3 June.

NewBuy Cymru will enable home buyers to access high loan-to-value mortgages and will be open to all home buyers purchasing new build houses or flats up to the value of £250,000 with a 5% deposit.

It's anticipated that the scheme, widely welcomed by the housing sector, will support the delivery of up to 3,000 additional housing units across Wales, providing a major boost to the construction industry and a positive impact on the housing market.

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Mr Sargeant said: "NewBuy Cymru is not only good news for the Welsh economy but good news for families and individuals across Wales.

"We are all aware of the difficulties that people are having in either buying their first home or moving up the housing ladder. NewBuy Cymru will provide a helping hand in the shape of a mortgage guarantee to people that have been saving hard to put down a deposit for a new home.

"By helping to kick-start the housing sector it’s hoped that NewBuy Cymru will help tackle poverty and provide a welcome short in the arm to our economy.

"I would urge people to sign up to this great scheme and look forward to officially launching it in June."

(CD)