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Thursday, April 18, 2013

What the Welsh Government's failure on housing means for some

The Welsh Labour Government's failure to get its NewBuy scheme off the ground has left many first time buyers with nowhere to turn. Many can afford a mortgage but not the 25% deposit that mortgage companies require. I have copied below an e-mail sent to Housing Minister, Carl Sargeant by one such person. I have had permission to reproduce it:

Dear Mr Sargeant,

As a 27 year old professional struggling to afford to save for a house deposit, I was extremely disappointed to read that the NewBuy Cymru Scheme has been scrapped. At present I am spending £675 a month on rent which I would much rather be spending on my own mortgage than somebody else’s.

Last year I was interviewed by The Independent about my struggles to get onto the housing ladder and my opinions on the latest budget announcement; my main issue being the lack of opportunities for Welsh first-time buyers. This year I was much more buoyant and have been counting down the days until June for the launch of NewBuy Cymru. I was therefore dismayed this morning at your latest announcement.

I would like to know when Wales will see its own housing scheme initiative rather than trying to piggyback on the English Help to Buy Scheme which is not specifically for first-time buyers (and as such, will likely be used on the more ‘secure’ borrowers rather than FTB’s). I fear that my life will be on hold for at least another 5 years before I am able to scrimp and save for a full deposit.

I respectfully ask that you reconsider your position on the scrapping of the NewBuy Cymru Scheme.

Yours sincerely

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