The Help to Buy scheme in Wales, originally set to end on 31 March 2021, is to be extended to March 2022.

The Welsh government adds that, if there is enough funding available, it plans to extend the scheme again until March 2023.

It says that changes to the setup will be occurring, however: the price cap will be reduced from £300,000 to £250,000 and all houses will come ‘broadband ready’.

A total of 10,215 homes have been bought using Help to Buy in Wales since its inception.

Minister for housing and local government Julie James says: “Ensuring everyone in Wales has access to a good quality, safe and affordable home is this government’s ambition. I am pleased to announce our intention to extend Help to Buy Wales until March 2023, subject to the availability of funding beyond 2020-21 from the UK Government.

“I have said I am committed to providing affordable housing and should funding not be provided by the UK Government, than Welsh Government will commit to funding phase three of Help to Buy Wales for at least a further twelve months, until March 2022.

“I want to ensure support is available to all those who need it when making the most significant purchase of their lifetime and allow developers to plan for their future. We will continue to work with developers and all stakeholders over the coming months to ensure homes purchased using Help to Buy are not just of good quality but are broadband ready to allow homeowners to have instant access to essential services.

NAEA Propertymark chief executive Mark Hayward adds: “We welcome this initiative as it will help first-time buyers who are currently under pressure when applying for mortgages as a result of lenders clamping down on their lending criteria.

“We wait with interest to see if this extension will be adopted UK wide.”