NewBuy scheme set to boost housebuilding in Wales

The Welsh Government

The Welsh Government has announced to launch its flagship mortgage guarantee scheme this summer that will boost the construction industry and create new jobs.

The NewBuy Cymru scheme will enable home buyers to access high loan value mortgages which will have a positive impact on the housing market and see the building of around 3,000 new homes across Wales.

The housing sector has widely welcomed the scheme which is set to provide significant employment opportunities in the trades. It is estimated that for every £1 spent on building houses, there is £1.40 generated in gross output across the economy as a whole.

Minister for Housing and Regeneration, Carl 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.”

Executive Chairman of the Home Builders Federation, Stewart Baseley, said: “It is fantastic news for Wales that NewBuy is being launched. In recent years many people in Wales have been unable to buy a home because of the large deposits required to secure a mortgage.

“NewBuy will allow people to buy with a more realistic 5% deposit and so realise their dream of home ownership. Opening up the market will also allow builders to build more homes, so creating jobs and providing Wales with an economic boost.”

What is your reaction to the new NewBuy scheme in Wales that will see the building of new homes and boost the construction industry? Share your thoughts by commenting here or raise your voice on our Facebook and Twitter pages.  

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Posted on March 22, 2013, in Affordable housing, Building Construction Industry, Building Engineering Sector, Business, Career change, Construction, construction jobs, construction news, Employment, Government, Housing Scheme, Infrastructure, jobs, plumbing, plumbing jobs, Politics, t4ts, Trades, train4tradeskills, Train4TradeSkills News, UK Economy and tagged , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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