Nearly 5,000 Welsh purchasers have now utilised the Help to Buy scheme to get onto the property ladder and we are proud to say that Howells were the first conveyancing solicitors to complete a Help to Buy Transaction in Wales. We've completed a total of 1,146 to date- equating to 23% of all cases.
Now, almost half a decade later, the government mortgage guarantee scheme has come to an end, but the Help to Buy ISA and Help to Buy equity loan continue to be a popular choice for first time buyers. But, where are these Welsh buyers purchasing and what type of properties are they selecting?
Click the below map to find out.
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Where Are First Time Buyers Setting Up Home?
There have been almost 5,000 properties purchased in Wales since the government Help to Buy scheme was launched in Wales on the 2nd of January 2014, and Newport and Flintshire have become hotspots for the deals.
According to the latest Help to Buy Scheme Transactions Record
, which was released by the Welsh government in early April 2017, the total number of Welsh properties bought using Help to Buy has reached 4,797.
Both Newport and Flintshire have seen high uptake of the scheme since its implementation, with 848 and 577 purchases respectively. Whereas the lowest number of Welsh properties bought using Help to Buy can be seen in Ceredigion, the Isle of Anglesey and Blaenau Gwent.
104 homes in the Welsh capital, Cardiff, have been bought using the scheme, whereas Swansea recorded 305.
What Type of Properties Are Being Bought Using Help to Buy?
The most common type of home bought through the scheme was a three bedroom property (2,415 bought to date), with four bedrooms placing second most popular (1,501 bought to date).
At the opposite ends of the scale, just 92 one bedroom properties have been bought in Wales through the government scheme (a third of which were in Cardiff), and a meagre 26 five bedroom property sales have been completed.
What Does the Future Hold for Help to Buy in Wales?
Of the 5,000 completed Help to Buy cases to date in Wales, Howells have completed 1,146 of them - equating to over 23% of all cases, the most out of any UK law firm.
Commenting on the positive impact the scheme has had for first time buyers, Philip Howells, co-founding director of Howells Solicitors said:
“The financial assistance provided by the scheme has enabled first time buyers to enter the housing market at a time when lending criteria had been significantly tightened following changes to legislation regarding the financial services industry.
“The scheme has been very successful and well received by home buyers and those involved in the house buying industry. It provided a much-needed boost at the right time.
“Help to Buy ISAs and Help to Buy equity loans are now providing other options for first time buyers and, with the Lifetime ISA being launched just last month, this continued financial assistance will be of benefit.”
Want to Learn More About Help to Buy?
Our expert conveyancing solicitors worked on 22% of all homes bought using Help to Buy in Wales and are versed in both traditional conveyancing law and purchases made using the scheme.
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