Mark Hobbs, Managing Partner of Howells Solicitors is very critical of the announcement by the Welsh Government yesterday to scrap ‘New Buy Cymru’ just weeks before its scheduled launch.
Designed to assist first time buyers by giving them access to a 20% interest free loan for the purchase of a new property, New Buy Cymru’ was going to be similar to the ‘Help to Buy’ scheme announced in the recent budget by the UK Government.
Following the announcement of the scheme it was widely praised as a measure to further kick start the construction part of the economy and at the same time to help younger purchasers get on to the housing ladder.
Mark said, “I think it has been widely acknowledged that any scheme that assists young first time buyers onto the housing ladder is sensible and aside from the social consequences there is also the impact that this has upon the wider economy. Following the about turn by Welsh Government we now have the ludicrous situation that buyers of new build properties just 20 miles or so away on the English border can gain the support of the English scheme but no one in Wales will. This seems to be grossly unfair on the population of Wales and represents a missed opportunity in kick starting the economy and encouraging construction and the creation of jobs.”
He continued, “Howells experience suggests there is significant pent up demand in the first time buyer market and that the implementation of a scheme such as ‘New Buy Cymru’ would be successful and popular and would result in Wales being treated no less favourably than England. I do hope, that the Welsh Government will look again at this concept and realise that the decision made is not in the best interest of the Welsh people and consider reinstating the original proposal”.
by Tristan Lewis
