A £170 million Help to Buy scheme has been launched in Wales to help aspirant first-time buyers onto the property ladder.
The scheme is very similar to the one launched in England and hopes to increase demand for new-build properties.
One key difference is that the property value has a limit of £300,000, whereas this limit is £600,000 in England. Potential homeowners will still need a five per cent deposit and can apply for a loan worth up to 20 per cent of the property’s value.
Graeme Yorston, head of Principality building society, told the BBC that the scheme would give the market “some stability and some growth”.
“[Help to Buy] will just add to the sustainability of the recovery we are seeing in the market and make sure that people can access funds where they may not have had the deposit previously,” he added.
Mr Yorston rejected the common worry about Help to Buy – that it could fuel a housing bubble – by saying that the scheme would help increase the number of houses being built to match the demand.
