Help to Buy Wales has been extended for another two years, the Welsh Government has announced. The scheme, which helps first-time buyers get a property, has been introduced with a new price cap of £300,000 from April 2023.
Since its launch in 2014, the scheme has offered shared equity loans of up to 20% of the purchase price of new builds and delivered on more than 13,400 homes. While applications to Help to Buy in England has closed since October, in Wales the current phase of the scheme, which has a price cap of £250,000, is due to close to applications at the end of March 2023.
A new version of the scheme with a higher price cap is set to be introduced in April and will be available to applications until March 2025. According to Julie James, Minister for Climate Change, the new price cap with be in line with increases in average house prices in Wales.
