Launch date for NewBuy scheme announced

Welsh Labour’s Minister for Housing and Regeneration, Carl Sargeant, has announced that the Welsh Government’s flagship mortgage guarantee scheme will be launched on 3rd June 2013.

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.

For every £1 spent on building houses it is estimated that £1.40 will be generated in gross output across the economy as a whole.