"Help to Buy" Kick-starts development in Mid Powys.

Mon 24 February 2014

Two of Mid Powys’ largest developers – PAR Homes and Avisco Properties are pro actively pushing forward with new house builds after successfully becoming registered with “Help to Buy Wales.”  The new equity loan scheme came into force in Wales on January 2nd this year after being extremely successful in England since 2012.

Pictured above are properties from the Par Homes - Cae Nant site (Top) and the Avisco - Tremont Parc site (bottom).  

Mr Paul Rowlands of PAR Homes, currently building 25 properties in Newbridge-On-Wye – comprising 3 bedroom semi-detached houses, 3 bedroom bungalows and 4 bedroom houses – has welcomed the news saying “after a difficult 5 years in the housing market this will give struggling purchasers the financial assistance they desperately needed to secure the property they desire.” Cae Nant as the site is known offers 3 bedroom semi-detached and detached houses and bungalows and 4 bedroom houses which range in price from £135,000 to £225,000 so all will be available for the Help to Buy Scheme.

“Being able to compete with developers the other side of the border and offer this great incentive is just the news we’ve been hoping for. With present interest rates still extremely low for their mortgage for many it will be cheaper to purchase than rent” added Pete Kendrick of Avisco – who have 21 three bedroom semi-detached and detached properties under construction on Tremont Parc, Llandrindod Wells, ranging from £150,000 to £170,000.

The scheme is open to both existing house owners selling their property as well as first time buyers, purchasing a new build property. The property is to be their only residence and must be no more than £300,000 in value. The purchaser can put down a deposit of as little as 5%. They submit an application to Help to Buy Wales to be assessed and approved for a Shared Equity Loan of up to 20% - Interest free for the first 5 years, then from 1.75% thereafter. They then arrange a mortgage with an approved lender for the balance i.e. 75%. Contracts are exchanged, funds transferred and the sale completed in a similar time frame to normal mortgage transactions.

Jeff Williams of McCartneys Estate Agents acting for both developers reported a positive start to 2014 with strong interest in both sites despite the time of year with many prospective purchasers excited about the opportunity of progressing up the ladder that this scheme will offer. The scheme is set to run until March 2016 – funds permitting – with the hope to assist up to 5000 new home purchasers. For further details of registered sites which McCartneys have available contact Jeff Williams on 01597 823300 or visit www.helptobuywales.co.uk

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