Housing Minister, Carl Sargeant has announced a new scheme which will help buyers of new homes and provide a major boost to home builders across Wales will open for business in the New Year.

From 2 January, the Welsh Government's £170 million Help to Buy – Wales shared equity loan scheme will make home ownership easier for buyers of new homes who have small cash deposits.

On a visit to a Redrow housing development in Newport Mr Sargeant said: "There's no doubt that the recession and a tightening of mortgage lending have made getting onto the property ladder much tougher in recent years. Buyers without a large deposit are increasingly finding that home ownership is not an option.


"The financial crisis has led to a dramatic fall in house building activity as builders scale back their plans in line with buyer demand.

"The Help to Buy – Wales scheme beginning in the New Year, will help more people get onto the property ladder and will provide much needed boost to the building industry in Wales. The investment will support the purchase of around 5,000 new homes in Wales during the next two and a half years.

"I therefore urge all builders, large and small, to register now so that they are ready for the first loans being made available to buyers in January."

(CD)