Similar to the scheme launched this year in England, Wales has recently unveiled a housing plan to help those looking to buy a home.  The scheme in Wales is aimed at unlocking a significant amount of funds currently underused in hopes of shocking the housing market there into growing again.  The scheme will allow all buyers the freedom to borrow up to 95% of the value of their future house from lenders with government.  Additionally, builders will be assisted by alleviating some of the risk and having loans underwritten by the government as well.  The new scheme could help as many as 3,000 people.

The new scheme will help buyers with the deposit on a house.  The current level of deposit needed to buy is an often out-of-reach 20%.

A limit of 250,000 pounds has been set on the value of the home being built.  The scheme is going to run for almost four years and has big objectives in mind.  The Welsh government is hoping an injection of about 500 million pounds of investment will find its way into the housing market by the end of the four years.

Huw Lewis, housing regeneration and heritage minister, commented on the scheme and is optimistic about its influence on the housing market and economy in general.  He said: "This innovative scheme is excellent news for potential house buyers, the housing industry and the wider economy. Not only will it help people whose plans for buying their first home or for moving to a bigger home have stalled due to lending restrictions from banks, but it will also provide house builders with potential new customers, and therefore will boost house building which will in turn create jobs and stimulate growth."