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Housebuilder hails help to buy Wales scheme a success after three months

A leading house builder in Wales has praised the success of the Government’s Help to Buy equity loan scheme as it celebrates its first three months claiming the scheme has seen hundreds of people buy a new-build home. Persimmon Homes Wales said the scheme had especially helped first-time buyers, many of whom had feared they would never raise a large enough deposit to get them on the property ladder. Under the scheme, people buying a new-build home only need a five per cent deposit along with a 75 per cent mortgage while the Government supplies a 20 per cent equity loan, which is interest and repayment free for the first five years. Persimmon Homes Wales says the scheme has had an incredibly positive impact; not just on the housing market, but on the building industry as a whole. Persimmon Homes nationally, which is celebrating the first anniversary of Help To Buy this month, has seen 4,748 reservations, 3,544 contracts exchanged and 2,746 completions under the scheme. As for Wales, the country has seen over 160 home buyers take advantage of Help To Buy in just three months.

The scheme has given confidence and has lifted the market generating additional sales not funded by Help To Buy giving a very strong start to the year - Persimmon Wales hope to see a 10 - 20 per cent lift in the market this year as a result. Glyn Mabey, Chairman of Persimmon Homes Wales, said: “People forget that when the recession really bit it was the building trade that suffered significantly. The scheme has boosted confidence for all builders and as more new homes go up it is helping to bridge the gap between supply and demand, as well as creating significant employment opportunities and economic growth. “People can so easily become trapped in the rental market, paying out large monthly amounts that leave little scope to raise the deposit they need to buy their own home. Help to Buy Wales has opened the doors for buyers desperate to buy their own home and live somewhere that is truly theirs. It has also proved invaluable for growing families who need that extra living space. “It is easy just to look at the figures to show the success of the scheme, but there is a real human element where people’s property dreams are really becoming a reality and jobs are being created boosting the economy in Wales. “Our sales advisors are always on hand to help people through the whole process and say that there is great delight when a buyer realises how far their money can go.” For more information visit www.persimmonhomes.com

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