Following the news that the Welsh Assembly will launch its own version of the Help to Buy Scheme, one of Wales’ largest conveyancing companies has given its backing to the decision.
Based in Newport, conveyancing specialists Convey Law have expressed their approval at the launch of the scheme in Wales. The scheme, which mirrors its English counterpart will offer the shared mortgage equity scheme, and will only be available on new build properties. It will however, have a much lower cap of £300,000 rather than the £600,000 in England.
Carl Sargeant, the housing minister for Wales has said that the £170m scheme will support the purchase of around 5,000 new homes in Wales during the next two and a half years. The scheme will officially be called ‘Help to Buy Cymru’.
Convey Law, which also operates throughout England and is ranked as one of the largest conveyancing companies in the UK, has already felt the benefits of the English scheme with increased instruction levels throughout the autumn. This has provided the company with strong year on year growth and Convey Law are now expanding their legal team in preparation for an anticipated strong 2014.
Lloyd Davies, Managing Director at Convey Law commented:
“We believe that the Welsh Assembly has taken a very positive step in deciding to launch its own version of the Help to Buy Scheme in Wales. Confidence in the housing market is certainly growing as we have witnessed during the latter half of this year. The UK market is being driven by the South East of England currently and it is vitally important that the Welsh Assembly continue to back home buyers in Wales to achieve the same level of recovery here.”