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Welsh Government looks to lenders and builders to sign up to NewBuy Cymru

By South Wales Evening Post  |  Posted: February 04, 2013

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MORTGAGE lenders and homebuilders have been encouraged to sign up to deliver a new scheme which will support the purchase of up to 3,000 new build homes up to value of £250,000.

Housing Regeneration and Heritage Minister Huw Lewis was today due to give a keynote address at the Millennium Stadium in Cardiff on the benefits of NewBuy Cymru which will be available to all buyers in Wales, subject to fulfilling lending criteria.

The Welsh Government and house builders will act as guarantors so buyers can secure high loan-to-value mortgages otherwise not available to them. Buyers will contribute a 5 per cent deposit.

Mr Lewis said: "We are all more than aware that we are working in very difficult economic times which are having a significant negative impact on all aspects of the housing market.

"But we mustn't let these difficulties stop us doing what we can to help the housing system work more effectively.

"Nor should it stop us being ambitious."

Home Builders Federation chief executive Stewart Baseley said NewBuy Cymru will help frustrated first time buyers currently unable to buy a home.

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  • Zoomer  |  February 04 2013, 3:03PM

    If the purchase price of your " affordable property " is more than three and a half times your annual income. Then it's not " affordable ". I started off in the property game years ago, and it worked then. Anything above that, and you are on slippery ice !

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  • timhayes  |  February 04 2013, 12:34PM

    Somebody please explain to me why we need new houses when there are so many properties up for sale. It's a load of old cobblers to call any new housing development "affordable" and the politicians who keep bleating on about how we need more housing should get out of the office more and see what's going on in the real world. There isn't a housing shortage anywhere in Britain, least of all in Wales. The problem is that people simply can't afford to buy them.

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